Bangkok Airways buys 15% stake in U-Tapao, Eastern Airport from BTS
Train operator BTS Group Holdings on Monday sold a 15% stake of its investment in U-Tapao International Airport and Eastern Airport City Project to Bangkok Airways.
According to the company’s letter to the Stock Exchange of Thailand, BTS sold 15,000 shares of UTB, a subsidiary engaging in airport city management. The stake sold for 1.61 million baht or 100 baht per share to the airline.
“Following this transaction, the company’s shareholding in UTB has decreased from 55% to 40%, resulting in UTB’s transition from a subsidiary to an associate company,” the BTS letter noted.
The company confirmed that the transaction did not fall under rules on connected transactions, or rules on entering into material transactions deemed as acquisition or disposal of assets.
