SABUY Technology Public Company Limited (SABUY) has clarified that it continues to hold a 24.90% stake in Thiansurat Public Company Limited (TSR) as before, aiming to leverage synergy to strengthen the business foundation for both the Thiansurat and SABUY groups for even greater growth.

Mr. Chookiat Rujjanapornpajee, Chief Executive Officer of SABUY Technology Public Company Limited, stated, "SABUY has entered into a business partnership and maintains its 24.90% stake in TSR unchanged, making TSR one of the key companies within the SABUY group. We expect to start recognizing TSR's performance in Q3, and we believe that both companies will create significant synergy together, which will help us grow stronger together.

In July, the company began overseeing TSR's operations, particularly in sales, enabling cross-selling of products and financial management. During the TSR board meeting on September 1, 2022, directors and/or executives from SABUY were appointed to key positions on the board, executive committee, and senior management of TSR to set directions and policies for effective synergy with the ecosystem.

At the 16th board meeting of the company held on September 7, 2022, resolutions were made to (1) cancel the purchase of 9 plots of land from TSR, (2) cancel the partial sale of shares in PTECH to TSR, and (3) cancel the investment in the new ordinary shares of Thiansurat Leasing Company Limited (TSRL). This decision was made because the company is involved in managing TSR, similar to its subsidiaries or joint ventures within the SABUY group. The boards of both SABUY and TSR carefully considered these transactions and concluded that they may not provide maximum benefits to both companies and their minority shareholders, especially given the uncertainties from the fluctuating economic conditions and the unclear political situation in Thailand.

However, even though the company will not proceed with these transactions, the group will continue to focus on executing its business plan, with TSR currently being part of the SABUY group and playing a crucial role in creating a comprehensive daily life experience for the public. This aims to enhance the quality of life by providing easy access to user-friendly technology within the SABUY Ecosystem, enabling people to generate income and sustain their livelihoods through the technology of the group. Mr. Chookiat concluded.