SET-listed aviation technology company Sky ICT plans to acquire a 100% stake in Siam Administrative Management and Security Guards Co (SAMCO), a Thai security service.
Their combined capabilities will provide comprehensive facility management and smart security technology services.
According to a Sky ICT report to the Stock Exchange of Thailand (SET) on July 11, the company's board on July 10 approved subsidiary Metthier Co's purchase of SAMCO.
Metthier will pay the purchase price of 500 million baht in cash, acquiring 12 million shares at a par value of 10 baht per share, representing 100% of all issued and sold ordinary shares of SAMCO from three shareholders: Summit Peak International Co at 37.89%, Syndicate Co at 33.92%, and 3 A.I.S. Agriculture Co at 28.19%.
The company expects the transaction to be completed by the third quarter.
Sithidej Mayalarp, chief executive of Sky ICT, said the deal would unleash a new era in security services.
The acquisition is in line with the company's roadmap to expand Sky group's private customer base in the facility management business, he added.
SAMCO has more than 400 leading private corporate customers such as Siam Commercial Bank, Central Plaza Shopping Center, Siam Cement Group, and the SET.
"The acquisition aligns seamlessly with Sky group's growth roadmap, with a focus on serving the private sector and fostering its long-term business development," Mr Sithidej said.
SAMCO provides four types of services: building management and cleaning services; security services; security system management services; and cash management and security transportation services.
The company has a subsidiary, Siam Deep Tech Co, which provides design, installation, security system and building management systems to corporate customers.
Mr Sithidej said the company sees an opportunity to grow in the businesses currently offered by SAMCO. The investment in SAMCO will pave the way for the company to tap many areas, he added.
In addition, after investing in SAMCO, the company can use the SAMCO experience in security systems for its future business development.
Sky ICT can apply innovation and technology with SAMCO's businesses to create mutual benefits and diversify Sky ICT, such as by using a data management system for providing cash delivery services, he added.
In a related matter, Sky ICT achieved total revenue of 820 million baht in the first quarter of this year, marking 75% year-on-year growth and a net profit of 83 million baht.
The recovery of the aviation and tourism industries in Thailand has led to an influx of international travellers, resulting in revenue growth from projects related to the expansion of aviation tech services. The group has an ongoing project backlog worth roughly 22.9 billion baht.
Additionally, Sky group plans to enhance its organisational structure while launching new subsidiaries to expand its business and strengthen its long-term stability.