LONDON (Alliance News) - All Asia Asset Capital Ltd Tuesday said it is aware of press comments regarding a potential takeover of Andaman Power and Utility Co Ltd, a company in which All Asia Asset holds a 7% stake in, by a Thai company.
All Asia Asset said it has invested a total of USD1.8 million in Andaman Power, and currently holds a 7% stake in the developer of utility plants and provider of electricity in Thailand and Myanmar.
All Asia Asset said CyberPlanet Interactive Public Co Ltd, a company listed on the Stock Exchange of Thailand, has convened a shareholder meeting on April 30 to seek shareholder approval to acquire 100% of the issued share capital of Andaman Power for around USD10.6 million, or GBP7.1 million.
"In addition to requiring the approval of shareholders of CyberPlanet, the announcement also stated that the proposed acquisition of Andaman Power will be subject to, inter alia, share and purchase agreements being entered into between CyberPlanet and the shareholders of Andaman Power, including All Asia Capital Management," it said in a statement.
All Asia Asset said it would make further announcements when appropriate.
All Asia Asset shares were up 13% to 13.00 pence per share on Tuesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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