No. STGT.CS 009/2022
20 June 2022 | |
Subject: | The Establishment of New Subsidiary in the United States of America |
Attention: | President |
Stock Exchange of Thailand / Singapore Exchange |
Sri Trang Gloves (Thailand) Public Company Limited (the "Company") would like to inform you that the Company has established a new wholly-owned subsidiary in the United States of America for supporting the business expansion of the Company. The details are as follows:
Company Name | : | Sri Trang Responsible Gloves Supply, Inc. ("STRG") |
Objectives of Establishment | : | Distribution of gloves |
Authorized Capital and Paid-up | : Authorized Capital of USD 1,000,000, and Paid-up Capital of | |
Capital | USD 500,000, divided into 5,000 ordinary shares, with a par | |
value of USD 1 each | ||
Shareholding Structure | : | The Company holds 100% shares. |
Source of Fund | : | Cash from operation of the Company |
Board of Directors' Structure | : 4 directors, namely (1) Mr. Chia Chee Ping (2) Mr. Vitanath | |
Sincharoenkul (3) Ms. Jarinya Jirojkul and (4) Ms. Thanawan Sa- | ||
Ngiamsak |
In this regard, the establishment of a new subsidiary in the United States of America is not classified as a connected transaction but it is classified as an asset acquisition transaction which its calculation value does not cause the Company to fall within the disclosure requirement under the Notification of the Capital Market Supervisory Board No. TorChor. 20/2551 re: Rules on Entering into Material Transactions Deemed as Acquisition or Disposal of Assets, and the Notification of the Board of Governors of the Stock Exchange of Thailand Re: Disclosure of Information and Other Acts of Listed Companies Concerning the Acquisition and Disposition of Assets B.E. (2004) (including any amendment thereto). However, this transaction is also classified as an acquisition of investment in other company which causes other company to become a subsidiary of the listed company.
Please be informed accordingly.
Yours faithfully,
(Miss Thanawan Sa-ngiamsak)
Director and Chief Financial Officer