The board of SET-listed Finansa Plc (FNS) has given the nod to its securities brokerage arm Finansa Securities (FSL) to divest securities and derivatives agent licences to joint venture SBI Thai Online Securities (SBITO) for 180 million baht.
Of the sum, 170 million baht is for SET membership and 10 million for membership in the Thailand Futures Exchange (TFEX).
The licence sales are subject to the approval of the SET and TFEX.
SBITO will pay 80 million baht in cash and another 100 million via Finansia Syrus Securities (FSS) shares.
FSS is an affiliate of FSL. FNS owns the entire stake in FSL. FSL holds 25.26% of FSS.
In a separate filing, FSS said its directors had approved the allocation of 31.35 million newly issued shares at a price of 3.19 baht apiece to FSL in return for SBITO's 1 million capital-increase shares to be subscribed by FSL.
The capital increase is aimed at facilitating FSL's licence sales to SBITO.
Japan's SBI Group now holds a 55% stake in SBITO, a full online stock trading firm, while FSS owns the rest.
Following the completion of the transaction and recapitalisation of both FSS and SBITO, FSS and FSL will jointly own a 45% stake in the online trading company.
The deal is expected to be completed by the fourth quarter, with Asset Pro Management as financial adviser.
"SBI Securities, a subsidiary of SBI Group and the leading online broker in Japan in terms of market share and number of accounts, will share its expertise and technology," said Chuangchai Nawongs, chief executive and president of FSS. "Moreover, this joint venture will tighten the relationship between the two companies."
FNS shares closed yesterday on the SET at 4.64 baht, down 16 satang, in trade worth 3.92 million baht.
FSS shares closed at 2.96 baht, down 20 satang, in trade worth 1.2 million baht.