The private placement will involve 857.77M new shares at an offering price of THB10.15 each. Subscriptions will take place on Aug 21 and the purchasers must agree to a two-year silent period during which they cannot sell the shares, the company said in a statement to the Stock Exchange of Thailand.
The bulk of the private-placement shares are to be sold to Prachai Leophairatana, the company’s founder, and four members of his family. Their combined holdings would increase to 61% from 41% currently, according to an analyst who asked not to be named.
Currently, creditors hold another 49% of TPIPL and small shareholders the remaining 10% of the company.
In addition, the country’s third largest cement producer will offer 807.5M new shares via a rights issue to existing shareholders at a ratio of one existing share to one new share at THB10 each. Shareholders on the register as of July 18 are eligible, with the subscription and payment period from Aug 7-11.
