Jasmine CEO in bid to buy 100% control for $1.2bn

By:
Alan Burkitt-Gray
Published on:

The CEO of Thailand's Jasmine, who already owns 39% of the ISP, wants to buy the remaining 61%

The biggest shareholder in Thailand’s second biggest broadband and content provider is seeking to buy the 69% he does not already own for $1.2 billion.

Pete Bodharamik, who is also CEO of Jasmine International, says he has secured credit to buy up the shares in the company to take his holding to 100%.

Jasmine lost its 4G licence in Thailand earlier this year when the company was unable to raise the money to make the first payment to the government. A subsidiary of rival company Advanced Info Service (AIS) took the spectrum instead.

According to Reuters, Jasmine could become an acquisition target after that failure. The company’s shares were suspending on the Bangkok stock exchange this morning after the news about Bodharamik’s plans.

Jasmine is Thailand’s second largest ISP. According to Reuters, Siam Commercial Bank will finance the Bodharamik’s plans to take 100% control. The tender offer is due to start o 29 September.