Bid Winner Fails to Make Payment for Shares of Nirvana Daii Public Company Limited

Number of Shares: 711,855,320 from Singha Estate

 

Bangkok (December 18, 2020) – Today, Singha Estate Public Company Limited, one of Thailand's leading real estate development and investment companies, announced to the Stock Exchange of Thailand (SET) that it has not received payment for the sale of all shares it holds in Nirvana Daii Public Company Limited, totaling 711,855,320 shares, which represents 51.56% of the paid-up capital of NVD. The shares were agreed to be sold to a group of shareholders led by Mr. Sorasak Somwattana, CEO of Nirvana Daii Public Company Limited.

 

The share sale was in accordance with the conclusion of a Memorandum of Understanding (MOU) on Monday, November 23, 2020, where the group of shareholders led by Mr. Sorasak Somwattana, the winning bidder, agreed to purchase all common shares in NVD held by Singha Estate at a price of 2.52 baht per share.

 

Mr. Narit Chayaklin, CEO of Singha Estate Public Company Limited, stated, “Mr. Sorasak Somwattana's group was required to make payment to Singha Estate by 5:00 PM on Friday, December 18, 2020, unconditionally. Mr. Sorasak's group confirmed in writing on Wednesday, December 16, 2020, just two days before the payment deadline, that they would pay by cashier's check, but Singha Estate did not receive the payment within the stipulated time.”

Mr. Narit expressed disappointment, saying, “We are very disappointed that the buyer breached the contract and failed to make the payment as agreed, despite the responsibility of bidders to be ready to pay unconditionally if they are the winning bidder and to be prepared for various steps after winning the bid.”

 

Mr. Narit revealed that Singha Estate's decision, whether to increase its stake in Nirvana Daii by purchasing shares currently held by Mr. Sorasak Somwattana's group or to sell all shares of Nirvana Daii held by Singha Estate to Mr. Sorasak's group, is driven by the need to “accelerate growth and generate returns from Singha Estate's residential project development business.”