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RATCH Group closed THB2.7 Billion auction for BAFS’ shares Readiness for aviation fuel service and long-term partnership

Nonthaburi – RATCH Group Public Company Limited today announced that its purchase of 98,983,125 shares (equivalent to 15.53%) of Bangkok Aviation Fuel Service Public Company Limited (BAFS) from Thai Airways International Public Company Limited was completed at values of 2,712,137,625 baht. On December 19, 2020, the company participated in the e-auction of BAFS’s shares and determined to win the e-auction. The BAFS’s share purchase agreement with Thai Airways International Plc. was made later on December 29, 2020. After receiving the completion notice of Condition Precedent from Thai Airways International Plc, the company made the full purchase price and Thai Airways International Plc. transferred BAFS’ shares to the Company completely on January 19, 2021.   

Mr. Kijja Sripatthangkura, Chief Executive Officer of RATCH Group Public Company Limited disclosed that the company commits long-term investment in BAFS and wishes to develop collaborative partnership in order to accomplish future growth target of both parties. RATCH Group plans to expand investment in infrastructure and energy-related businesses as well as seek strong alliances. While the investment in BAFS corresponds with the company’s strategic plan, also this transaction will strengthen its business with stable revenues obtained from dividend income gained from the investment.      

“The transaction was funded by internal capital of the company. The bidding offer was fair for growth potential of BAFS. The company working closely with a financial advisor cautiously studied prospect of aviation business, aviation fuel service, and BAFS’s operating performance and business plan and goals.  Obviously, BAFS’s business direction is consistent with RATCH Group, the synergy of both parties in either renewable-energy power plants, digital technology, or businesses related to fuels and energy will be advantage. RATCH Group stands, as a new shareholder, ready to provide full support to BAFS and is strongly confident that BAFS is able to achieve a robust and sustainable growth at the soonest,” Mr. Kijja said. 

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