Hitachi Chemical Storage Battery Public Company Limited (SET:BAT-3K) completed the acquisition of Hitachi Chemical Gateway Battery Company Limited from Hitachi Chemical Company, Ltd.
September 29, 2020
Share
Hitachi Chemical Storage Battery (Thailand) Public Company Limited (SET:BAT-3K) intends to acquire Hitachi Chemical Gateway Battery (Thailand) Company Limited from Hitachi Chemical Company, Ltd. on May 8, 2020. In a related transaction Hitachi Chemical Company, Ltd. agreed to acquire 10.82% stake in Hitachi Chemical Storage Battery (Thailand) Public Company Limited from other shareholders on June 17, 2020. Under the scheme of amalgamation, New company will issue 3.54149245 shares for every 1 share of Hitachi Chemical Storage Battery (Thailand) Public Company Limited and 0.12962587 share for every 1 share Hitachi Chemical Gateway Battery (Thailand) Company Limited. Pursuant to the scheme, Hitachi Chemical Storage Battery (Thailand) Public Company Limited and Hitachi Chemical Gateway Battery (Thailand) Company Limited will merge and form a new company. Any shareholders voting against the merger Hitachi Chemical Company would be purchasing those shares from Hitachi Chemical Storage Battery (Thailand) Public Company Limited. The transaction is subject to approval of Boards and shareholders of Hitachi Chemical Storage Battery (Thailand) Public Company Limited and Hitachi Chemical Gateway Battery (Thailand) Company Limited and consent or waiver from their financial institution creditors, other lenders and/or other contractual parties. The transaction is expected to complete within October, 2020. Jay Capital Advisory Limited acts as financial advisor to the shareholders of Hitachi Chemical Storage Battery (Thailand) Public Company Limited.
Hitachi Chemical Storage Battery (Thailand) Public Company Limited (SET:BAT-3K) completed the acquisition of Hitachi Chemical Gateway Battery (Thailand) Company Limited from Hitachi Chemical Company, Ltd. on September 30, 2020. The transaction has been approved by shareholders of Hitachi Chemical Storage Battery (Thailand) and Hitachi Chemical Gateway Battery (Thailand) on September 30, 2020. Upon Completion, Hitachi Chemical Storage Battery (Thailand) will be renamed as Thai Energy Storage Technology Public Company Limited and the securities symbol in the Stock Exchange of Thailand as 3K-BAT.
Thai Energy Storage Technology PCL is a Thailand-based company, which is engaged in the manufacturing and distribution of batteries. The Companyâs product categories include automotive battery, traction battery, EB battery, lighting battery, and golf cart battery. The automotive battery products include NS40, NS40Z, NS60, NS80, N50Z, NS100, NS120, 105D31, N100, N120A, N120, N150A, N150, N200A, N200, 225H52L, DIN65, DIN75, DIN100, 67018, and 4DLT. Its EB battery includes EBB80T, EBB80LL, EBB125V, EBB160LL, and EBB190T. The lighting battery products include N20, 12N24-3, and 12N24-4. The golf cart battery products include T-105LL, T-885LL, and T-1285LL.
Hitachi Chemical Storage Battery Public Company Limited (SET: BAT-3K) completed the acquisition of Hitachi Chemical Gateway Battery Company Limited from Hitachi Chemical Company, Ltd.