The company also plans to diversify into property to create a new revenue stream.
TWZ yesterday announced the arrival of two new major shareholders ? Wichai Thongtang, a major shareholder of pay TV company CTH, and Wichai Wachiraphong, a value-stock investor, holding a combined stake of 27% in the company.
Wichai Thongtang, a former lawyer for ousted prime minister Thaksin Shinawatra, said he closed the deal after only 10 days of negotiations.
TWZ's board has approved the allocation of 2 billion shares to both major shareholders at a price of 35.3 satang each for
The 2 billion newly issued shares are part of the company's recent board resolution to issue 4.09 billion shares, of which 800 million have been sold to existing shareholders.
Mr Wichai said he wants to expand the scope of TWZ's businesses into other lucrative areas highlighting digital TV content, wireless broadband services and property.
TWZ plans to penetrate the local digital TV market this year via a collaboration with large content providers CTH and Grammy GMM.
The company will also ally with mobile leader
Mr Wichai said he had no relationship with prominent stock investor Wichai Wachiraphong.
"I've never talked to Wichai Wachiraphong about the deal. I didn't know about his move to purchase a stake in TWZ," he said.
A source close to the deal said Wichai Watcharaphong had initially proposed to TWZ founders, the Rungkasiri family, a transfer of 100 rai of land in exchange for a shareholding stake in the company.
Wichai Thongtang and his group later proposed the family acquire a stake in TWZ, leading Wichai Watcharaphong's deal to collapse.
The source said, however, Wichai Thongtang had asked Wichai Watcharaphong to jointly hold a combined 27% stake in TWZ for future business development together.
TWZ shares closed yesterday on the SET at 50 satang, up four satang, in trade worth
(c)2014 the Bangkok Post (Bangkok, Thailand)
Visit the Bangkok Post (Bangkok, Thailand) at www.bangkokpost.com
Distributed by MCT Information Services