Finansia X Public Company Limited (FSX) Group announced through the SET it is undertaking preparations to enhance its competitiveness and services through a strategic partnership with Gortune International Investment Holding Company (Gortune), a prominent Chinese investment group with a shareholders’ equity of 16 billion RMB (approximately 80 billion Baht) and its affiliated companies.
The initiative stems from challenges in the financial services sector to compete in technological advancements which is seen as the key driver to customer acquisition and growth. The transaction will involve acquisitions of both new and existing shares including a private placement of up to 288 million new shares issued to Gortune and affiliates.
Following the acquisition, FSX aims to raise an additional Baht 1.99 billion through a rights offering at a ratio of 1:1 at Baht 2.3 per share. Subsequently, Gortune and its affiliates will become the largest shareholder group with about 46% interests in FSX.
The financial business arm encompasses GF Securities, a top 5 broker in China, with more than 14,000 employees and 349 branches. Its mobile trading application has more than 40 million users. GF Securities is one of the most influential securities companies in China with its controlled subsidiary GF Fund Management ranking among the top 3 asset management companies in China.
Mr. Chuangchai Nawongs, FSX’s CEO, stated that FSX, as a leading securities group in Thailand, shares similar business visions and directions with Gortune and anticipates strong synergies between the parties.
FSX is currently in the process of seeking approval from shareholders’ meeting to authorize the issuance of new shares and the related transaction. Additionally, Gortune must seek approval from the relevant authority for the request for a waiver from making a tender offer for all securities of FSX, relying on the resolution of the shareholders’ meeting (Whitewash). This process is anticipated to span approximately three months.
Upon the conclusion of these proceedings, a comprehensive business plan will be formulated to outline the strategy for FSX to realize its aforementioned objectives. This strategic vision aims to establish the group as the prominent securities house in Thailand in a sustainable manner.
