Bangkok--27 Nov--MT Multimedia
VGI's executive board approved a proposed acquisition of 4,281,277 shares (par value: MYR 1), or 25% of the issued shares, in Puncak Berlian Sdn Bhd (or PBSB), an OOH ad firm in Malaysia, in the company's latest move to increase its presence in the Asean advertising platform industry.
Mr Nelson Leung, deputy chief executive officer (deputy CEO) of VGI Global Media PCL, or VGI, Thailand's first leading operator of integrated out-of-home (or OOH) advertising platforms to have Big Data access, revealed that on 16 November VGI's executive board unanimously resolved to approve an acquisition of 4,281,277 shares of common stock (par value: MYR 1 each), or 25% of the issued shares, in Puncak Berlian Sdn Bhd (or PBSB), a provider of OOH advertising platform solutions in Malaysia, from Redberry Sdn Bhd, a current shareholder, by VGI Global Media (Malaysia) Sdn Bhd (or VGM), a VGI subsidiary incorporated in the country, at a tentative price of MYR 13,154,175, or approximately THB 105,233,400.
PBSB maintains a diverse range of OOH advertising platforms, including at main airports, low cost carrier terminals, mass transit facilities, office towers, etc. The acquisition, if successful, would facilitate the implementation of VGI's strategy to increase its presence in the OOH segment regionally, particularly in Malaysia, a market with high growth potential. The deal is expected to be completed by February 2018.