DV8 Public Company plans to fully acquire Rakkar Digital and inject up to THB100 million (about US$3.05 million) into the Thai digital asset custody provider.
The listed company has signed a share sale and purchase agreement to buy Rakkar’s ordinary shares from its existing shareholders, according to a filing with the Stock Exchange of Thailand.
The deal remains subject to regulatory approvals and other conditions under the agreement.
Rakkar is a digital asset custodial wallet service provider authorised by Thailand’s Minister of Finance under the supervision of the Securities and Exchange Commission.
The firm was founded by Arthit Sriumporn, who now serves as EVP for Digital Channels at Siam Commercial Bank.
The planned capital injection will support its operations and help it meet regulatory net capital requirements for digital asset business operators.
The company said the transaction does not meet the threshold for a material asset acquisition under Thai capital market rules and that Rakkar and its existing shareholders are not connected persons under the relevant connected transaction rules.
DV8 added that SEC approval will still be required for it to become a major shareholder in Rakkar.
After the deal closes, DV8 will appoint three directors to Rakkar’s board, namely Jason Kin Hoi Fang, Theng Wei Tan and Kittiwut Horthong following SEC’s approval.
DV8 will fund the investment through internal working capital.
Featured image: Edited by Fintech News Singapore, based on image by yogiermansyah22Â via Freepik
