Bangkok--29 Aug--Minor International
Minor International Public Company Limited (MINT) is currently holding the shares of S&P Syndicate Public Company Limited (S&P) at the amount of 25.78 million shares, representing 24.62% of total paid-up shares. On 24 February 2010, the Board of Directors of S&P approved the share buy-back program (Treasury Stock) for the amount of not exceeding 10% of total paid-up shares of S&P. However, at the end of the program, the treasury stock amounted to 6.60 million shares. Therefore, the shareholding of MINT in S&P changed to 26.28%, a level which crossed 25% trigger point for a mandatory tender offer. Consequently, if MINT acquires any additional S&P shares, MINT will be obliged to launch the tender offer for all securities of S&P. On 25 August 2011, at the Board of Directors meeting of MINT No. 6/2011, the Board of Directors approved to make a voluntary tender offer for S&P securities at the offering price of 70 per share in order to meet SEC requirements for having passed the 25% threshold. MINT together with Sila-On and Raiva Families who are the founder of S&P jointly released the news announcing that Sila-On and Raiva Families and MINT with their strong business alliance have been working together for more than 4 years. Thus, the Families are very pleased that MINT will increase its shareholding in S&P to strengthen as partnership with S&P. The Sila-On and Raiva Families will still maintain their major shareholding status and will not sell any shares in this tender offer.