Interhides Expands Footprint in Leather Industry through Strategic Asset Purchase Agreement with Wolverine World Wide
22 December 2023
Interhides Public Company Limited recently announced that it entered into an Asset Purchase Agreement with Wolverine World Wide. Simultaneously, Interhides will undergo the transfer of its Business Unit in the Leather division. The primary objective behind this strategic move is to enhance business potential and fortify its position in the production and distribution of leather for the shoe industry. The transaction is anticipated to conclude by January 2024.
Importantly, the size of this transaction does not meet the threshold triggering reporting and disclosure requirements under the Notification of the Capital Market Supervisory Board No. TorChor. 20/2561. The principles governing significant transactions, including the acquisition or disposal of assets and amended announcements, are in adherence to the guidelines set forth in the announcement of the committee of the Stock Exchange of Thailand regarding the disclosure of information and actions of publicly listed companies in the acquisition and disposition of assets in 2004.
The highest value of the transaction, calculated based on the total consideration paid or received, stands at 10.21% of the net asset value as of September 30, 2023. After taking into account other transactions executed by Interhides over the past 6 months, this percentage is lower than the stipulated threshold of 15%. This ensures compliance with the regulatory requirements and reinforces Interhides commitment to transparent and responsible business practices.
