Ms. Thida Kaewbutta, Director of Corporate Strategy Department Srisawad Corporation Plc. (SAWAD) revealed that the company, at the Board of Directors’ meeting, has approved for Srisawad Finance Pcl. T.) to increase the flexibility of the business and expand the business It plans to operate a business of providing Hire Purchase credit for general individuals who wish to purchase new motorcycles from dealers. and personal loan business under the supervision of the Bank of Thailand, whereby the Company will sell 39,000,000 ordinary shares of SCAP that the Company holds, with a par value of 5 baht per share, representing 65%, to BFIT by issuing New shares of BFIT in exchange for shares of SCAP, a subsidiary of the Company.
“This important step in this merger of BFIT and SCAP is part of our business restructuring plan to drive SCAP, a credit business with outstanding growth prospects and agile business operations. SAWAD and BFIT will seek approval from shareholders for the merger in June, and when shareholders have approval, the company will carry out stock swaps as planned. It is expected to be completed in the third quarter of 2022. The new structure will create a clear separation of businesses, with SAWAD mainly taking care of the pawn business, while BFIT will penetrate other credit businesses such as all-inclusive hire purchase businesses and personal loans. people without collateral,” said Thida.
Mr. Thititham Rojanaphruek, Managing Director of Srisawad Finance Public Company Limited (BFIT) revealed that the Board of Directors meeting has approved the Company Acquired 100% of ordinary shares in Srisawad Capital Company Limited (SCAP) from Srisawad Corporation Public Company Limited (SAWAD) in the proportion of 65%, Mr. Wichit Phayuhanaveechai, SCAP executives and directors of SAWAD in the proportion of 10%, including shareholders 9 other shares of SCAP in the proportion of 25%, with approval for the company Enter into a contract related to the purchase of SCAP shares with conditions precedent
The acquisition of SCAP’s shares is part of the business restructuring of SAWAD Group, where SCAP operates a personal loan under supervision business. If the acquisition of SCAP is successful, there will be mergers and acquisitions to achieve good organizational efficiency. The shareholders of BFIT will benefit the most from the potential of the company to grow without limits. SCAP’s business At present and in the future there is an exponential growth rate. And it is a business that is in trend and has outstanding growth prospects. In this regard, the Extraordinary General Meeting of Shareholders has been set on June 23, 65 and the list of shareholders who have the right to attend the meeting on May 17 has been set.
Mr. Wichit Payuhanaveechai, Managing Director of Srisawad Capital Company Limited (SCAP), revealed that the merger Benefit the shareholders who will receive great benefits. because the company is in a period of exponential growth New motorcycle hire purchase loans have the highest market share in the country. The company’s total new loans released in the first quarter of 65 grew more than 157% compared to the first quarter of last year. and grew more than 79% compared to 4Q21, reflecting the business opportunities open upon completion of the integration with BFIT.
A clear organizational structure and business type with a large amount of capital will provide excellent profitability. Encourage the organization to achieve maximum efficiency This merger will be another important step for BFIT to make BFIT a leading national credit service provider. This will happen as soon as SAWAD and BFIT shareholders receive approval in June. and the Bank of Thailand received the return of BFIT’s finance business license.
“I believe that this transition of the Srisawad Group This will help the business to be clear and ready to expand into other targeted credit businesses. which I, as an executive in charge of the credit business I see that the trend of the microfinance business is in a growth phase that must be watched After the covid situation began to ease. Consumer spending will gradually recover. Supporting lending growth, SCAP has laid down guidelines to ease the tightening of lending. At the same time, ready to increase access channels and add more products. to generate outstanding revenue and profit growth We believe that the credit business is a business with a future. If combined with efficient technology Access to credit will be easier. It supports the business to grow well in the long term and sustainably,” said Wichit.
