TRIS Rating Co., Ltd. has placed the company rating of Univentures PLC (UV) on CreditAlert with “developing” implications, following the company’s announcement of the acquisition of a majority stake by new strategic shareholders. The new investors are Mr. Panot and/or Mr. Thapana Sirivadhanabhakdi, members of Sirivadhanabhakdi family, owners of one of the largest conglomerates in Thailand with the leading position in domestic alcoholic beverage businesses operated by Thai Beverage PLC.
TRIS Rating reported that the Sirivadhanabhakdi family, or their designees, agree to purchase 221.5 million new shares and 170 million existing shares from the current major shareholders which represents 51% of the outstanding shares of UV. The share price is fixed at Bt2.04, meaning UV will receive approximately Bt452 million in new equity. The purchase is expected to be completed by mid-July 2007, subject to the approval by UV’s shareholders at the extraordinary shareholder meeting scheduled on 12 July 2007. The proceeds will be utilized to invest in property development.
TRIS Rating said that it is unclear how the acquisition will affect the rating of UV although the investment from the Sirivadhanabhakdi family, given the family’s strong financial background, is likely to have a positive influence on UV’s credit profile. TRIS Rating will continue to monitor the changes in ownership, the business model, and financial policy. UV’s current company rating of “BBB” will be reviewed upon completion of the transaction, yielding a clearer understanding of the future strategy for UV. -- End
Univentures PLC (UV)
Company Rating: BBB
CreditAlert Designation: Developing
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Copyright 2007, TRIS Rating Co., Ltd. All rights reserved. Any unauthorized use, disclosure, copying, republication, further transmission, dissemination, redistribution or storing for subsequent use for any purpose, in whole or in part, in any form or manner or by any means whatsoever, by any person, of the credit rating reports or information is prohibited. The credit rating is not a statement of fact or a recommendation to buy, sell or hold any debt instruments. It is an expression of opinion regarding credit risks for that instrument or particular company. The opinion expressed in the credit rating does not represent investment or other advice and should therefore not be construed as such. Any rating and information contained in any report written or published by TRIS Rating has been prepared without taking into account any recipient’s particular financial needs, circumstances, knowledge and objectives. Therefore, a recipient should assess the appropriateness of such information before making an investment decision based on this information. Information used for the rating has been obtained by TRIS Rating from the company and other sources believed to be reliable. Therefore, TRIS Rating does not guarantee the accuracy, adequacy, or completeness of any such information and will accept no liability for any loss or damage arising from any inaccuracy, inadequacy or incompleteness. Also, TRIS Rating is not responsible for any errors or omissions, the result obtained from, or any actions taken in reliance upon such information.
TRIS Rating reported that the Sirivadhanabhakdi family, or their designees, agree to purchase 221.5 million new shares and 170 million existing shares from the current major shareholders which represents 51% of the outstanding shares of UV. The share price is fixed at Bt2.04, meaning UV will receive approximately Bt452 million in new equity. The purchase is expected to be completed by mid-July 2007, subject to the approval by UV’s shareholders at the extraordinary shareholder meeting scheduled on 12 July 2007. The proceeds will be utilized to invest in property development.
TRIS Rating said that it is unclear how the acquisition will affect the rating of UV although the investment from the Sirivadhanabhakdi family, given the family’s strong financial background, is likely to have a positive influence on UV’s credit profile. TRIS Rating will continue to monitor the changes in ownership, the business model, and financial policy. UV’s current company rating of “BBB” will be reviewed upon completion of the transaction, yielding a clearer understanding of the future strategy for UV. -- End
Univentures PLC (UV)
Company Rating: BBB
CreditAlert Designation: Developing
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Copyright 2007, TRIS Rating Co., Ltd. All rights reserved. Any unauthorized use, disclosure, copying, republication, further transmission, dissemination, redistribution or storing for subsequent use for any purpose, in whole or in part, in any form or manner or by any means whatsoever, by any person, of the credit rating reports or information is prohibited. The credit rating is not a statement of fact or a recommendation to buy, sell or hold any debt instruments. It is an expression of opinion regarding credit risks for that instrument or particular company. The opinion expressed in the credit rating does not represent investment or other advice and should therefore not be construed as such. Any rating and information contained in any report written or published by TRIS Rating has been prepared without taking into account any recipient’s particular financial needs, circumstances, knowledge and objectives. Therefore, a recipient should assess the appropriateness of such information before making an investment decision based on this information. Information used for the rating has been obtained by TRIS Rating from the company and other sources believed to be reliable. Therefore, TRIS Rating does not guarantee the accuracy, adequacy, or completeness of any such information and will accept no liability for any loss or damage arising from any inaccuracy, inadequacy or incompleteness. Also, TRIS Rating is not responsible for any errors or omissions, the result obtained from, or any actions taken in reliance upon such information.