SABUY plans to raise capital by offering 2,510 million shares in a private placement (PP) led by Lightnet, a FinTech company based in Singapore owned by Chatchaval Jiaravanon. This move has resulted in Lightnet becoming the largest shareholder with a 40.38% stake. The proceeds from this placement will be used to raise approximately 6.62 billion baht to repay debts.

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SABUY Technology Public Company Limited (SABUY) has informed the Stock Exchange of Thailand (SET) that during the board meeting on April 9, 2024, it approved the proposal to convene the annual general meeting of shareholders for the year 2024. The meeting approved a reduction of registered capital by up to 46,940,325 baht from the existing registered capital of 2,108,310,691 baht to a new registered capital of 2,061,370,366 baht. This reduction is accomplished by cancelling 46,940,325 common shares with a par value of 1 baht each, as these shares were allocated to support the expired ESOP-WA and cancelled ESOP-WC.

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The meeting also approved a proposal to increase the registered capital by up to 2,510,000,000 baht from the existing registered capital of 2,061,370,366 baht to a new registered capital of 4,571,370,366 baht. This increase involves issuing new common shares not exceeding 2,510,000,000 shares with a par value of 1 baht each. Of these, up to 1,300,000,000 shares will be allocated to the company itself, and the remaining shares will be offered for private placement at a price of 2.30 baht per share, representing up to 42.39% of the total shares sold by the company. After the issuance, Lightnet Pte. Ltd will hold up to 1,200,000,000 shares (40.38% of the total shares sold) and Mr. Anan Chai Wiraprakrit will hold 100,000,000 shares.

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Furthermore, the company will support the issuance and offering of subscription warrants (SABUY-W3) for up to 1,210,000,000 units without consideration (price per unit: 0 baht), equivalent to 68.50% of the total shares sold by the company. These warrants will be allocated to support the exercise of rights for up to 1,210,000,000 shares. Each warrant entitles the holder to subscribe for one common share at a price of 3.00 baht per share. Lightnet Pte. Ltd will receive up to 800,000,000 units of SABUY-W3, Mr. Anan Chai Wiraprakrit will receive up to 60,000,000 units, and Hiwell Global Co., Ltd. will receive up to 350,000,000 units.

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Following the private placement, Lightnet Pte. Ltd will hold approximately 40.38% of the total voting rights. If it crosses the 25% threshold of total voting rights, it will be required to make a mandatory tender offer for all securities of the company. However, Lightnet Pte. Ltd intends to seek a whitewash waiver, which requires approval from shareholders holding no less than 75% of the total votes cast at the meeting.

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The company expects to raise up to 6,620,000,000 baht through the private placement, which will be used to repay debts, including those from convertible debentures, loan agreements, and revolving capital of the group of companies.

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The company anticipates completing the private placement within three months from the date of approval by the shareholders' meeting, scheduled to be held electronically on June 24, 2024.

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In addition to the previous details, SABUY's strategic positioning within Thailand's tech landscape is further emphasized by its ability to meet both demand and supply needs in the market. On the demand side, SABUY caters to a vast user base, including 150 million users from web2 digital wallet enterprises like buzzybees and millions of users from crypto exchanges like bitkub. This highlights SABUY's pivotal role in facilitating digital transactions and financial services for a substantial portion of Southeast Asia's population.

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On the supply side, SABUY's extensive network encompasses various channels, including door-to-door services reaching 2 million households, over 10,000 vending machines, and a robust e-commerce logistics infrastructure supporting 30-40k shop dropships. This comprehensive supply chain ensures efficient distribution and accessibility of SABUY's services across different consumer segments, contributing to its widespread adoption and market penetration.

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Notably, Lightnet is affiliated with Velo, and SABUY serves as a web2 wallet, while Orbit functions as a web3 wallet. Orbit's integration with SABUY's network promises expanded accessibility and seamless user experiences, further driving financial inclusion and technological advancement in the region.

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Furthermore, with the collaboration between Lightnet and Velo, SABUY is poised to enhance its offerings and cater to a broader spectrum of users. By leveraging the synergies between these entities, SABUY aims to provide seamless experiences for multiple wallet users, further solidifying its position as a leader in Thailand's financial technology sector.

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Overall, SABUY's ability to bridge demand and supply dynamics, coupled with strategic partnerships and innovative solutions, underscores its commitment to driving financial inclusion and technological advancement in the region.

About Lightnet

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Lightnet is a financial technology company headquartered in Singapore, licensed to operate in multiple countries worldwide. It primarily focuses on providing cross-border payment and money transfer services. Chatchaval Jiaravanon and Tribodi Arunrungrasmi hold 69.54% and 12.09% of the shares, respectively.

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Anan Chai Wiraprakrit holds 8.10% of the company's shares as of March 29, 2567, and has no other relationship with the company. Hiwell is a foreign investment company from the Republic of Seychelles, with Dorothy Lok Teng Teng, a Singaporean entrepreneur, serving as director and controlling shareholder. Hiwell has no other connections with the company.

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About SABUY

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Sabuy Technology Public Company Limited (Public Company) Thai technology company

Initially, the company provided services in the prepaid card system. Later, the company expanded its business with the desire to be a leader in financial technology development (Financial Technology) with its own comprehensive and complete Ecosystem.

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Currently, SABUY has rapidly expanded into other businesses with a focus on integrating technology to meet the needs of Thai consumers in the current era and overcoming existing limitations "To become a leader in financial technology in the future."

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