Bangkok--24 Apr--BrandComm Consultants
TICON Industrial Connection Plc, the leading developer of factories and warehouses for lease in Thailand, holds 2014 Annual Ordinary General Meeting of Shareholders. The meeting approves dividend payment of 1 Baht per share totaling 914 million Baht which will be made on May 16, 2014. The meeting also approves a capital increase of approximately 2.7 billion Baht through an issuance of Transferable Subscription Rights (TSRs) of up to 183,262,047 units for the Company’s business expansion.
Mr. Virapan Pulges, Managing Director of TICON, discloses “The 2014 Annual Ordinary General Meeting of Shareholders of TICON Industrial Connection Plc, acknowledged the Company’s performance for the year 2013 with total net profit of 1,414 million Baht and approved dividend payment of 1 Baht per share totaling 913,789,163 Baht. The list of shareholders to be entitled to the dividend will be determined on April 30, 2014. Dividend payment will be made on May 16, 2014.
On the same occasion the Meeting also approved the issuance of up to 183,262,047 units of Transferable Subscription Rights (TSRs) for the existing shareholders by way of rights issue proportionately (Right Offering) at no cost, with the allocation ratio of 1 new TSR for 5 existing shares. Similar to the dividend, the list of shareholders to be entitled to the TSRs will be determined on April 30, 2014 and the closing date of the share registration will be on May 2, 2014. 1 TSR conveys the right to purchase 1 ordinary share of the Company at the price of 15 Baht per share, raising a total new capital of approximately 2.7 billion Baht. The Issuing and Offering Date of TSR will be within May 2, 2014.
The funds raised via Transferable Subscription Rights (TSRs) will be used for the Company’s business expansion which has set 2014 target to increase factory and warehouse spaces by 350,000 sq. m., and repaying certain portion of the Company’s debt.