Oil prices are beginning to look wobbly, should that go (no idea, USD seems to be weakening at the same time so there’s a temp disconnect between the two), then don’t be surprised to see the market comfortably drop a couple %, but with the government pushing through the infrastructure projects then perhaps that could buoy the market. Which sector has continued to do well regardless of this noise? Service sector – hospitals – still strong.
Buy(s) THB 124mn
- Whilst there were no major purchases above THB 20 mn in value, it was good to see a wide range of insiders buying their shares back in the markets
Sell(s) THB 1.1 bn
- MINT – A block sale by the owner to his private co
- TKN – They’ve been doing block sales for a while, to the best of my understanding its been to local asset managers
And the deal is done, it’s been denied multiple times over the past few months but in the end the deal was done.
So here at the details:
- AAV owns 55% of Thai AirAsia, the remainder is owned by the parent
- 1.89 bn shares sold @ THB 4.2 /share, this represents 39% of shares from the “Founder” Mr. Tasspol Bijleveld and family whom shall now own 6%.
- Deal size ~ USD 220 or THB 8bn
- The stock was last trading just north of THB 6 / share
- 3 management positions shall change, CFO, D of Flight Ops, D of Engineering
- A mandatory tender offer shall be made to all shareholders at the same price.
Why on earth would King Power Group buy it?
- Well they got it at a decent price, just below BV of THB 4.3/share
- Tourism is still growing and it doesn’t look like it’ll stop anytime soon.
- I do wonder at what point will AirAsia Thailand open their own airport?
- It’s interesting that the CEO was interested at selling his shares @ a discount to market price. It does raise the question what is the actual value of any company listed on the market?
- Of course no one here is talking about the fact Microsoft just paid USD 26 bn for linkedin, only 115x AirAsia, oh the difference in market size!