TRC Construction Public Company Limited Raises Funds through Equity Conversion and Share Offerings

Strategic Insights -

TRC Construction Public Company Limited (the "Company") has conducted a series of share issuances to raise funds and settle debts. The newly issued ordinary shares were offered to trade creditors, existing shareholders, and an individual investor, PS Capital Holdings. The total amount raised through these offerings will be used to repay the Company's debts and facilitate the acquisition of shares in PS Engineering Consultants Co., Ltd. (PSEC).

Key Takeaways:

  • TRC Construction Public Company Limited offered 71,585,995 newly issued ordinary shares at THB 2.40 per share to trade creditors under the debt-to-equity conversion scheme, raising THB 171,806,388.
  • The Company also offered 41,768,743 newly issued ordinary shares at THB 2.40 per share to existing shareholders without allocation to shareholders in foreign jurisdictions, raising THB 100,228,183.
  • PS Capital Holdings acquired 142,857,143 newly issued ordinary shares at THB 0.70 per share as consideration in lieu of cash payment for the acquisition of shares in PS Engineering Consultants Co., Ltd., PSEC.
  • The acquisition of PSEC shares was facilitated through a payment-in-kind transaction worth THB 100,000,000.10.
  • The share offerings were conducted on January 13-February 11, 2025.
  • The Company will use the raised funds to repay its debts and cover acquisition costs.
  • PS Capital Holdings, a company with a major shareholder, Mr. Pisit Saelim, acquired a significant stake in the Company through the share offering.

Statistics:

  • 71,585,995 newly issued ordinary shares were offered to trade creditors at THB 2.40 per share.
  • The total amount raised from trade creditors was THB 171,806,388.
  • 41,768,743 newly issued ordinary shares were offered to existing shareholders at THB 2.40 per share.
  • The total amount raised from existing shareholders was THB 100,228,183.
  • PS Capital Holdings acquired 142,857,143 newly issued ordinary shares at THB 0.70 per share.
  • The total amount paid by PS Capital Holdings was THB 100,000,000.10.
  • The share offerings occurred on January 13-February 11, 2025.

Sources:

  • Stock Exchange of Thailand, Company Announcement, TRC Construction Public Company Limited, January 13-February 11, 2025 (exact date of announcement not specified)