WHA Gives the Green Light for 20% Investment in Siamrajathanee (SO), Driving Integrated Business Supporting the Growth in Logistics and Smart Industrial Estates

The WHA Board approved an investment of THB 912 million in Siamrajathanee (SO), representing 20% of the company's shareholding equity. This investment aims to drive WHA’s integrated business, by enhancing services for its customers to serve the growth in Logistics and Smart Industrial Estates.

Following a resolution of its Board of Directors dated April 27, 2023, WHA Corporation PCL. (WHA) has informed the Stock Exchange of Thailand (SET) of its approval for its subsidiary, WHA Venture Holding Co., Ltd., to invest in 111,597,905 ordinary shares of Siamrajathanee Public Co., Ltd. (SO) at the offering price of THB 8.1720 per share. Upon completion, WHA Venture Holding will become the second largest shareholder of SO with 20% equity, after the Vimolchalao family, which will retain 58.2%.

Ms. Jareeporn Jarukornsakul, Chairman of the Executive Committee and Group CEO of WHA Corporation PCL., said: “Investing in SO is another important move under our “Mission to the Sun” business plan through combining WHA's strengths in a comprehensive ecosystem and SO's strengths in lean operations with technology and innovation aiming to develop new products and services that are total sustainable solutions for our customers.”

“WHA sees SO as a leader in the outsourcing service business, with expertise in recruitment and HR management in the industrial and service sectors, including personnel skill training and development, to meet the needs of labor market. SO also stands out for its lean business process by deploying technology to develop various solutions to help its customers improve their business process, maximizing efficiency and hence reducing operating costs, such as the driver and vehicle management system (fleet management), which is part of WHA's expansion plan on Green Logistics business. The company shows its consistency in delivering solid results and is expected to continue growing in consistent with Lean Organization trend. Investing in SO therefore not only creates a strategic and sustainable collaboration as well as many opportunities for business expansion of both companies, it is also expected to provide us a good return on investment” Ms. Jareeporn concluded.

Mr. Nattaphol Vimolchalao, Chief Executive Officer of Siamrajathanee, declared: “The issuance of new shares equivalent to 20% shareholding to WHA, the No. 1 leader in logistics, industrial estates and total solutions for industrial customers, represents a strategic partnership that will create synergies with our 4 business hubs. With WHA’s support, SO will be able to expand its scope and areas of outsourcing services to meet customer needs. Additionally, WHA and SO can co-develop new businesses and solutions which will lead to our exponential growth. SO is confident that the business strategy of both companies will enable us to become tech companies and grow together in a sustainable way.”

The first phase of the collaboration projects will emphasize on:

• Shared Services Center: this will expand our outsourcing services business to new group of industrial customers with high growth, especially in the EEC, where WHA counts more than 1,000 customers which are mostly large Thai and international companies that tend to use outsourcing services.
• Workforce Excellence Academy: this will upskill/reskill of human resources and workforce to support new S-curve industries setting up their production bases in Thailand, which will strengthen the country's competitiveness and thus attract FDIs.
• EV Fleet Rental and Management, which is part of WHA’s Green Logistics plan.
• ESG and Carbon Credit: the management of green areas in industrial estates to reduce carbon emissions and increase carbon credits.

Siamrajathanee Public Co., Ltd. will present the sale offering during the Extraordinary General Meeting of Shareholders No. 1/2023. Upon approval, the investment transaction is expected to be completed by mid-July 2023.