Summary · why it matters
Comseven Public Company Limited, or COM7, informed the Stock Exchange of Thailand that its board meeting No. 6/2569 on 28 September 2569 approved the establishment of a new subsidiary named Ufun Money Company Limited to operate a leasing, hire-purchase, and instalment-sale business for IT products, including mobile phones, smartphones, tablets, computers, and various types of IT equipment. The company is expected to be registered within the first quarter of 2570 with registered capital of 50 million baht, divided into 500,000 ordinary shares at a par value of 100 baht each. Ufun Capital Company Limited will hold 499,998 shares, or 99.9996%, and the company will use cash flow from its operations as the funding source for the establishment. In addition, the board resolved to propose to the extraordinary shareholders' meeting No. 2/2569 the approval of a registered capital increase at iCare Insurance Public Company Limited, or iCare, of 281.58 million baht, from 326.78 million baht to 608.36 million baht, through the issuance of 1,126.30 million new ordinary shares at a par value of 0.25 baht each, to be offered on a private placement basis to Plan B Media Public Company Limited, or PLANB, which is a major shareholder of iCare with an 11.01% stake of all issued and outstanding shares. The new shares represent 46.28% of iCare's total issued and outstanding shares after the capital increase, with total offering value of 860 million baht. As a result, after the transaction, COM7, which holds iCare through Comseven Holding Company Limited, will see its shareholding fall from 86.17% to 46.28%, equal to PLANB's stake. COM7 stated that bringing PLANB in as a strategic partner is intended to support iCare's business expansion in the next phase, after growth driven by non-motor general insurance products, particularly all-risks electronic device protection insurance and extended warranty insurance, which are currently sold mainly through COM7 group channels, and to reduce revenue concentration risk. The company therefore wants to expand its customer base to a broader group of consumers, seeing PLANB as having expertise in media, marketing, and brand building, especially its out-of-home advertising network spanning digital media, mass transit systems, airports, and shopping malls. After the transaction, COM7, iCare, and PLANB plan to jointly develop marketing and build awareness of the iCare brand through PLANB's media network, as well as expand new distribution channels outside the COM7 group and develop information technology systems to support additional products. COM7 has scheduled its extraordinary shareholders' meeting No. 2/2569 for 6 November 2569 at 10.00 a.m. via electronic means, with a record date of 14 October 2569. The transaction still requires approval from iCare shareholders and the Office of the Insurance Commission, and is expected to be completed within the fourth quarter of 2569.
Com7 PCL
Plan B Media PCL