Shareholders approved the Issuance of UWC Ordinary Shares under Right Offering at THB 0.04 bundles with Warrant and approved to change company name to “SKY TOWER”
Mr. Theerachai Leenabanchong, the Chief Executive Officer, revels that on the Shareholders’ Annual General Meeting held on April 29th, 2021, the shareholders have approved for the issuance of 13,162,525,880 UWC ordinary shares under right offering with 1:1 ratio at THB 0.04 per share bundle with warrant and the shareholders also gave a green light to the company name change. He further states that the excluding right date is marked on May 7th, 2021 and the window for right offering subscription in during may 28th, 2021 to June 8th, 2021.
The capital raise will strengthen company’s financial position in term of its debt to equity ratio which can leverage company position in seeking further funding from financial institution. The company focal direction is with the expand business of shared telecom tower in the Philippines and opportunities in mage trend in relation to newest technology.
Moreover, the change of company name from Ua Withya Plc. to SKY Tower Plc. is a reflection of company revolution in term of core business and business model. Prior to the initiative, the company’s revenue stream has been seasonal and has relied mainly on the domestic projects of high-voltage and telecom tower infrastructures. The company direction is to source recurring revenue stream which opportunity is presented in the Philippines’ telecommunication industry where the company can build upon its expertise.