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BDMS sells BH shares entirely 22.97%, receiving more than 1.8 billion baht after trying to take over, but without success, the industry revealed PRINC to buy the full amount. The first batch of more than 9 billion baht is put to the test on November 26, with a plan to expand the hospital to complete 20 locations in 2 years.
Ms. Narumol Noi-am Senior Executive Vice President and Chief Financial Officer Bangkok Dusit Medical Services Public Company Limited or BDMS informed SET yesterday (24 November) that the company entered into a share purchase agreement. Bumrungrad Hospital Public Company Limited or BH, whose company owns 180,715,806 shares or 22.71% to the buyer at a price of 103 baht per share, worth 18,613.7 million baht on November 19, 2020 without the buyer. Company related
Subsequently, on November 24, 2020, the buyer has confirmed BDMS. On the certainty of funding sources The Company will sell some BH investments through Big Lot on the Stock Exchange initially for 90.50 million shares at a price of 103 baht per share or equivalent to 9,321.5 million baht on November 26, 2020. The remaining 90,215,806 shares or 11.34% are expected to be traded in December 2020.
Ms. Narumol said that in the transaction there is still uncertainty in the acquisition of the buyer’s source of funds.
Present Mr. Prasert Prasarttong-Osoth Being a majority shareholder of BDMS
While the result of such a purchase agreement As a result, BH’s share price fell as soon as the market opened. Dropping as low as 113.50 baht and closing at 115 baht, a decrease of 8.50 baht or 6.88% from the previous day, with a higher trading value of 1.149 million baht due to the contract price for Below the board price, BDMS shares closed at 22.50 baht. A decrease of 0.50 baht or 2.17%. The commercial value is 1,591 million baht.
Revealing the cause of the sale after the technological collapse
Analysts at Yuan Ta Securities (Thailand) said that BDMS is selling BH shares because previously BDMS plans to buy additional BH shares by making a public offering for the full amount at a price of 125 baht per share. BH’s existing shareholders refused to sell their shares, resulting in the cancellation of the Public Offering.
After that, BDMS discovered a rhythm to sell its shares. But I still can’t sell the shares Because the share price dropped But after progress has been made in developing a vaccine against COVID-19. As a result, the price of BH’s shares rose to exceed the reasonable price that analysts estimate. It is considered a good time to sell stocks.
Expected profit of 1.1 billion
The sale of BH shares will be positive in the short term for BDMS, as it will record a special profit from this sale of approximately 1.1 billion Bt in the fourth quarter of this year because the sale price is 103 baht per share, even for below the price. On Board But it is still higher than the average accounting cost BDMS has at 89.3 baht per share, which is a good time to expand your affiliates business that can provide a better return on investment in the long term. Due to the COVID-19 situation, this will affect foreign clients who cannot travel for treatment. It can cause the return on investment obtained to be lower because that the situation, everything is resolved, it takes at least 1 year.
Expected profit of 1.1 billion
The sale of BH shares will be positive in the short term for BDMS as it will record a special profit from this sale of approximately 1.1 billion Bt in the fourth quarter of this year because the sale price is 103 baht per share, even for below the price. On board but it is still higher than the average accounting cost BDMS has at 89.3 baht per share, which is a good time to expand your affiliates business that can provide a better return on investment in the long term. Due to the COVID-19 situation, this will affect foreign clients who cannot travel for treatment. It can cause the return on investment obtained to be lower because that the situation, everything is resolved takes at least 1 year.
Revealing that “Prince” bought the full amount
A source from the medical industry confirmed to “Krungthep” that Principal Capital Public Company Limited or PRINC had entered into an agreement to purchase 180,715,806 shares of BH or 22.71% of BDMS. Whole number At this time, no details can be revealed.
Although PRINC informed the Stock Exchange that according to the rumors about the acquisition of 180,175,806 shares of BH from BDMS, representing 22.71% of the capital, the Company did not consider the acquisition of the shares of BH from BDMS according to the news. some There is only one collaboration between the company and BH to expand the medical business. What is the main business of the company as a whole only under the normal business plan?
In addition, the company has not made any news. That has not been disclosed OR material information that the company is under consideration and may disclose to the SET In the short term, such as capital increase, joint venture, acquisition or disposal of assets OR significant dispute Which may affect changing business conditions. Including not knowing other reasons that may affect trade
Yesterday PRINC shares had a lively trading price The market closed at 3.32 baht, an increase of 0.46 baht or 16.08% with a trading value of 198.8 million baht, until it was reason for the stock market to be traded on a cash balance account until December 23, 2020.
Route buyers “Prince”
The beginning of PRINC came from the acquisition of Metro Star Property Co., Ltd., which operates a residential property development business in 2013, then the shareholder structure was changed and the name was changed. Become Principal Capital Public Company Limited or PRINC, but with the limitation in the location of land to develop real estate projects As a result, the company decided to dedicate itself entirely to the health business from the fourth quarter of 2017 and moved the negotiation category from PRINC shares from real estate to medical group.
After that, it continued to acquire hospital business, such as investing 2 billion baht to acquire Allianz Medical Asia Co., Ltd., which will be used as a basis for penetrating the health care business. Because there are 4 hospitals available with 600 beds
Currently, PRINC Group has two main businesses, namely the private hospital business and the management of private hospitals. And real estate development business for residential housing for rent and complete management of office building
11 affiliated hospitals
For the hospital business, operated by Principal Healthcare Company Limited, there are currently 11 affiliated hospitals with more than 200 physicians and more than 2,000 employees.
PRINC’s main shareholder is the “Speaker” family, previously the main shareholder of BDMS before selling shares and investing in real estate deals with “Satit Speaker” as sole heir to Dr. Pongsak Viddayakorn, founder of Bangkok Hospital Managing Director as Chairman of the Executive Committee and CEO
The top 5 shareholders are: 1.UBS AG HONG KONG BRANCH owns 36.45% of the shares 2. Mr. Satit Viddayakorn owns 23.73% 3. Mrs. Satita Viddayakorn owns 14.38% 4. INTERNATIONAL FINANCE CORPORATION has 6.42% and 5 Peak Development Holdings Ltd. has 4.56%
For the latest operating results of the nine months of 2020, the net loss was 423.95 million baht, compared to the same period of the previous year with a net loss of 10.22 million baht, with income from hospital operations of 1,600.30 million baht and income from sales and donations. Services 282.60 million baht, a decrease of 7.9% and a decrease of 36.20% compared to the same period of the previous year, respectively. From the impact of the COVID-19 outbreak
While hospital business costs increased by 62 million baht in both new and existing hospitals. The cost of the real estate development and rental business decreased by 41.70 million baht, with total assets of 15,083 million baht, total liabilities of 5,734.90 million baht, debt to equity ratio of 0.68 times.
Regarding the business plan, the company continues to focus on expanding the hospital to the secondary city. So that people from other provinces can have access to public health services Strengthening communities and countries Under the objective of adding 20 hospitals in the next 2 years.
Asia Plus points to a negative impact on BH
Asia Plus Securities Co., Ltd. states that the sale of such shares has a negative impact on BH’s share price because it is the sale of shares at a price below the market price. And a cessation of investment in BH may indicate the next phase of the business trend. In particular, the new competitor is the Medpark hospital, which worries the research department. Therefore, I still recommend Switch BH.
But on the other hand, it is positive for BDMS, as it is expected to record a special profit for sales of 1.1 billion baht. For plans to use the money to use Pay off primarily debt This is expected to provide savings close to interest with a lower BH profit share and may help increase balance. If some of the money is invested in BDMS, the Research Department maintains a BUY recommendation under estimate review.
