Rabbit Holdings Public Company Limited ("Rabbit Holdings") announced its intention to invest in Prime Zone Asset Management Co., Ltd ("Prime Zone") through its wholly-owned subsidiary, RBH Ventures Co., Ltd. The investment will be through the subscription of 2,228,572 newly issued ordinary shares, which accounted for 70% of the total registered capital of PZ after the capital increase. The total transaction is valued at THB 900mn and is expected to conclude by the second quarter of 2023.
Ms. Soraya Satiangoset, Acting Chief Executive Officer of Rabbit Holdings PCL said, "This investment is in line with the change in our long-term business plan of the Company, pivoting to financial services business. The Company will invest and expand more within the financial services sector in order to expand its revenue and customer base leading to long-term value creation. For this transaction, the Company has partnered with Prime Zone, that has experienced management of more than 20 years specialising in Non-Performing Loan (NPL) management, notably within debt collateral (secured NPL) and Non-Performing Assets (NPA). Combining the Company's capital support, leveraging BTS Group's 3M platforms (MOVE, MIX and MATCH) and together with Prime Zone's expertise in the AMC field; we can replicate the same success as our life insurance business (Rabbit Life). This will enable Prime Zone to generate substantial growth and set its target debt portfolio to grow and reach THB 10,000mn within the next 3-5 years".
"Prime Zone consists of a management team with expertise in all aspects of asset management businesses", said Mr. Thunwa Rungsittimongkol, Managing Director of Prime Zone Asset Management. "The team is highly versed in auction bids of collateral assets at reasonable prices, asset valuation, negotiating debt restructuring and adding value to the assets acquired (NPA). With this issuance of new shares to Rabbit Holdings, it will further strengthen Prime Zone's ability to expand its investment portfolio in the future". He also added, "Through this investment, Prime Zone will also benefit from BTS Group's ecosystem creating new business opportunities for the company".
Source: BTS GROUP HOLDINGS