Bangkok--12 Mar--TRIS Rating
TRIS Rating has placed the company rating of Mida Leasing PLC (ML) on CreditAlert with a “developing” implication. The rating action follows a recent announcement on 6 March 2015 by Mida Assets PLC (MIDA) that the company will sell its entire stake in ML. MIDA is ML’s major shareholder, holding 46.98% of ML’s outstanding shares. It also provides business support and financial support to ML. Should ML have a new major shareholder, ML will face transition risks, which might affect its business and financial profile.
MIDA’s plan to sell its substantial stake is subject to certain requirements. For example, the transaction must be approved by MIDA’s shareholders at the upcoming meeting on 23 April 2015. In addition, MIDA has stipulated that the selling price must not be lower than Bt2.20 per share.
TRIS Rating will closely monitor this transaction and resolve the CreditAlert once the transaction has been finalized and a thorough analysis has been conducted.
Mida Leasing PLC (ML)
Company Rating: BBB-
CREDITALERT DESIGNATION: Developing