Bank of Ayudhya Public Company Limited (BAY) revealed its progress on restructuring subsidiaries that today Ayudhya Fund Management Company Limited (AYF) has completed its acquisition of PrimaVest Asset Management Company Limited (PrimaVest) following the share purchase agreement announced on June 24, 2009.
Under the transaction, AYF has acquired 100% shares of PrimaVest for a total of THB 101 million and adjusted shareholder structure to have BBTV Equity Co., Ltd. and Ayudhya Allianz C.P. Pcl. holding 13.1% and 10.3% stakes respectively while BAY remain the major shareholder with 76.6% shareholding.
Mr. Tan Kong Khoon, President and Chief Executive Officer, Bank of Ayudhya Public Company Limited, said, “We are pleased that AYF’s acquisition of PrimaVest is completed within the planned timeframe. The restructuring and streamlining of Bank of Ayudhya’s affiliates is a strategic move. It aims to enhance the Bank’s competitiveness and efficiency of fund management”.
Mr. Chatrapee Tantixalerm, Chief Executive Officer, Ayudhya Fund Management Company Limited, said, “The acquisition of PrimaVest increases its asset under management to THB 65,000 million.. Customers of both companies will benefit from a more complete range of investment products that are suitable for their needs and receive excellent services from a stronger team”.
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Bank of Ayudhya Pcl.
Yaowalak Poolthong, Ph.D.
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Bank of Ayudhya Pcl.
Tel: 02 296 2443, 02 296 3729,
Fax: 02 683 1473
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