CGH plans to utilise the proceeds from investment disposal in Pi and TT to support existing operations, investments and future expansion of the group into potential businesses including wellness, says Mr Tommy.
Thailand's securities industry is in the spotlight again after Webull, the Florida-based global digital investment platform, announced its nearly 3-billion-baht acquisition of Pi Securities, making a fast entry into the highly regulated capital market.In a filing to the Stock Exchange of Thailand on Tuesday, Country Group Holdings (CGH) said the financial group is in the process of disposing of 1.58 billion shares, representing 90.98% of the total issued and paid-up shares of Pi Securities, along with 885,666 shares or 55.99% of Trader Co Ltd (TT) to Webull Holdings (Singapore) Pte (WBH).
The total value of the transaction is estimated at 2.865 billion baht. However, the agreed price is not final and remains subject to an adjustment if Pi's assets under management decline materially due to specified factors, excluding market volatility or general economic conditions, as defined in the share purchase agreement, Tommy Taechaubol, acting chairman and chief executive of CGH, said in the filing.
