Bangkok--15 Jun--TRIS Rating
TRIS Rating has placed the company and senior unsecured debenture ratings of Singer Thailand PLC (SINGER) on CreditAlert with a “developing” implication. The rating action follows the announcement by SINGER on 8 June 2015 that its major shareholder, SINGER (THAILAND) B.V., sold its entire stake of 40% in SINGER in the Stock Exchange of Thailand (SET). On 5 June 2015, Jaymart PLC (JMART) bought 24.99% of SINGER’s outstanding shares and the remaining 15.01% was purchased by other investors. Therefore, JMART becomes SINGER’s new major shareholder.
JMART is a retailer and wholesaler of mobile phones and related products. The company also provides debt collection and non-performing loan management services. In addition, JMART rents and manages retail space by subletting the commercial space it rents into smaller units.
Changing major shareholder of SINGER might lead in changes in the company’s business model and business policy going forward. TRIS Rating will closely monitor this transaction and resolve the CreditAlert once the transaction has been finalized and a thorough analysis has been conducted.
Singer Thailand PLC (SINGER)
Company Rating: BBB
Issue Rating:
SINGER165A: Bt200 million senior unsecured debentures due 2016 BBB
Rating Outlook: Developing