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In November 2014, Sage Capital successfully advised the shareholders of Chiangmai Raj Hospital Group (CMR) on the sale of 100% shares to Everland Public Company Limited (EVER) at Baht 150 million.  CMR operated Siam Raj Hospital in Chiang Mai.  EVER is a property developer listed on the SET.

In September 2013, Sage Capital successfully advised the major shareholders of The Bangkok Nylon Public Company Limited (BNC) on the sale of 74.54% shares in BNC to a private investor at Baht 190 million.  BNC was a sock manufacturing company but, due to financial difficulty, had ceased its operation at the time of the sale. The new investor plans to change BNC’s business to property development and media.

Initial Public Offering & Listing on the SET of PTG Energy

Sage Capital advised PTG Energy Plc. (“PTG”), a leading COCO petro station company, on its initial public offering and listing on the SET in 2013. Our responsibilities included conducting a due diligence, advising on strategy, business, corporate structure, financial matters, regulatory requirements and corporate governance, preparing application, filing and prospectus, assisting PTG in road show and one-on-one meetings in order to articulate the right story to investors, and coordinating with lead underwriters to ensure an optimal pricing and placement for the best interest of PTG as the issuer. The offering was 10 times oversubscribed, especially by institutional investors. Despite the unfavorable market sentiment, PTG’s shares performed remarkably on its first trading day.


In April 2013, Sage Capital has successfully advised the major shareholders of Metrostar Property Public Company Limited (METRO) on the sale of 71.64% holding in METRO to a private investor at Baht 836 million. METRO is a property development company which currently owns a 5-star serviced apartment, namely Sathorn Vista (Bangkok Marriott Executive Apartment). The new owner aims to use METRO as a platform to invest in other high potential real estate projects.


In April 2013, Sage Capital has successfully advised UOB Kay Hian Securities (Thailand) Plc. in the sale of 93.47% holding in United Securities Plc. (US) to a local investor group at Baht 951 million. United Securities is an SET listed securities company with a full set of securities business licenses.

Established TOP-NTL Shipping Trust in Singapore for Business Expansion

TOP-NTL Shipping Trust was set up in Singapore in May 2012 under the Business Trust Act. Initially, the trust has 2 sponsors, Thai Oil Marine Company Limited and Nathalin Company Limited. Both are leading operators of petroleum and chemical tankers in Thailand with, an aim to expand their business operations regionally.

Sage Capital successfully advised Thai Oil Marine Company Limited and Nathalin Company Limited on establishing TOP-NTL Shipping Trust. Our advisory role include advice on investment and business trust structure, preparation of action plan, assistance in incorporating a Singapore company to act as trustee manager, business plan development, coordination with a Singaporean law firm in drafting trust deed and arrangement for compliance with Singapore authorities’ requirements.

Sale to A Strategic Investor

In June 2011, Sage Capital has successfully advised the shareholders of Global Environmental Technology Co., Ltd. (GETCO) on the sale of 100% holding in GETCO to Chewathai Ltd. at the transaction value of Baht 300 million. GETCO is a waste water management company with a 30-year concession to manage waste water treatment for Bangpoo Industrial Estate. The new investor, Chewathai Ltd., is an associate company of TEE Group, which is an engineering services company listed on the Stock Exchange of Singapore.

Business Expansion and Strategic Partnership of 124 Communications Plc.

After the IPO and listing on the MAI in 2005, Sage Capital continued to work as a financial advisor to 124 Communications Plc. (“PR124”) to identify an opportunity for business expansion into other related businesses. In August 2009, Sage Capital successfully advised PR124 to enter into a strategic partnership in media & communication business with strategic partners who have expertise and network to support and strengthen this new business. Our advisory role included deal structuring, corporate restructuring, negotiation with strategic partners, coordination with relevant parties and advice on the SEC's and the SET’s rules and regulations concerning the deal.

Baht 1,514 Million Debt Financing for Equity Residential Co., Ltd. and Equity Residential Chaophya Co., Ltd.

Equity Residential Co., Ltd. and Equity Residential Chaophya Co., Ltd. are developers of condominium projects named My Resort Bangkok and My Resort @ River, respectively. My Resort Bangkok is a luxury residential condominium located on New Petchaburi road, with convenient transportation via MRT, expressway, and airport rail link. My Resort @ River is an exclusive river front condominium located on Charansanitwongse road. The project has a private pier and marina for yachts. Every unit of the project has floor to ceiling window to enjoy panorama view of Chaophaya river and beautiful Bangkok.

In October 2009, Sage Capital advised Equity Residential Co., Ltd. and Equity Residential Chaophya Co., Ltd. to secure Baht 1,514 Million debt financing from a leading International Bank. Baht 650 Million of total debt facilities was used to refinance their existing debts, while the remaining facilities were for project construction.

Fund Raising for Shelldon Project

Sage Capital has advised Shellhut Entertainment in its fund raising to complete the production of 26 episodes of 3D-animated TV series. Shellhut Entertainment owns the rights of Shelldon project, the first world class Thai 3D animation series. In Thailand, the series has been televised on Channel 3 from October 2008. The company has signed a worldwide distribution contract with Entertainment Rights, a leading global distributor of children and family entertainment and related merchandise. Shellhut Entertainment aims to develop Shelldon into an internationally recognized franchise, with additional TV series as well as a full-length feature film to be produced in the near future.

G Steel Plc.'s Acquisition in Nakornthai Strip Mill Plc.

Sage Capital advised G Steel Plc. (“GSTEEL”) on its acquisition of Nakornthai Strip Mill Plc. (“NSM”). The first investment was completed in September 2006 through a US$ 178 million purchase of NSM’s secured claims, converted and/or convertible into equity pursuant to the rehabilitation plan, together with GSTEEL’s entry into an Operation Services Agreement to provide technical advisory services to NSM. The second investment was accomplished in March 2008 through an additional investment in NSM’s 6,400 million shares, accounting for 16.12% holding at the price equivalent to Baht 2,660 million. Together with the previous holding from the debt-to-equity conversion, GSTEEL has become a 49.47% shareholder of NSM. Both parties are Thailand’s major hot-rolled coil producers listed on the SET. Apart from total combined production volume of more than half of total hot-rolled coil production volume in the country, this acquisition results in a consolidation of financial statements together with a full operational cooperation between GSTEEL and NSM, which should increase efficiency and reduce cost while increasing the competitiveness of both companies. Our role included determination of investment structure, evaluation of the appropriate value of NSM and appropriate swap ratio between GSTEEL and NSM’s shares, provision of advice to finalize the Operation Services Agreement with NSM, provision of advice on the SEC and the SET’s rules and regulations concerning the investment, providing assistance during the process of credit rating review, liaison with involved parties, including legal advisor, auditor, credit rating agencies and new creditor, and preparation of relevant documents along the process of the assignment.

Baht 1,936 Million International Private Placement of Sino-Thai Engineering & Construction Plc. through Global Accelerated Book Building

Sage Capital advised Sino-Thai Engineering & Construction Plc. (“STECON”), a leading engineering and construction company, on its international private placement in February 2006. Through global accelerated book building, STECON offered 160 million shares at the price of Baht 12.10 per share to institutional investors in the USA, Europe and Asia. The issue was four-time oversubscribed, and the offering price represented only a 2.5% discount from the 15-day weighted average of STECON's share prices. The total gross proceeds of the offering were Baht 1,936 million. Our role covered advising on the structure and process of the private placement including all regulatory issues, coordinating with the lead manager to arrange roadshows and to conduct the offering, and coordinating with legal counselors and relevant parties to prepare and execute necessary documentation.

Property Perfect Plc.'s Issuance of US$ 20 Million Convertible Debenture to General Enterprise Management Services (HK) Limited

In November 2005, Sage Capital successfully advised Property Perfect Plc. in its issuance of US$ 20 million convertible debenture to a leading Asia-based private equity fund, General Enterprise Management Services (HK) Limited. It was the first convertible debenture offered by a Thai public company to any offshore investor since the crisis in 1997. The high conversion premium of 20% reflected a high level of confidence the investor had in the growth potential of the company as well as the long-term sustainability of Thai property development industry. The issuance provided a 5-year financing at a coupon rate of only 3.5% per annum to Property Perfect for its expansion amidst the adverse environment for fund raising in the local market.

Merger between Bank of Asia Plc. and UOB Radanasin Bank Plc. to form United Overseas Bank (Thai) Plc.

Sage Capital advised United Overseas Bank Limited (“UOB”) on the merger between Bank of Asia Plc. (“BOA”) and UOB Radanasin Bank Plc. (“UOBR”), both of which were UOB's banking subsidiaries in Thailand, to form United Overseas Bank (Thai) Plc. (“UOBT”). Our role covered conducting a due diligence on UOB, BOA and UOBR, preparing tender offer documents of BOA and UOBR and information memorandum and other documents relating to the merger process. Sage Capital also coordinated with a tender offer agent, independent financial advisors of BOA and UOBR, and relevant authorities to complete the merger and establish UOBT successfully in November 2005.

Baht 390 Million Private Placement and US$ 12 Million Mezzanine Debt of Siam Paper Plc.

Sage Capital advised Siam Paper Plc. (“SIAMP”) on its Baht 390 million private placement to Siam Investment Fund II (“SIF II”), a private equity fund, in 2004. In December 2005, Sage Capital also successfully advised SIAMP to secure a US$ 12 million mezzanine debt from a leading international bank. SIAMP is one of the leading paper manufacturers in Thailand, and is in the process of preparing itself for an initial public offering and listing on the SET.

Initial Public Offering & SET Listing of Prinsiri Plc.

Sage Capital advised Prinsiri Plc. (“Prinsiri”), a leading high-end property development company, on its initial public offering and listing on the SET in 2005. Our responsibilities included conducting a due diligence, preparing application, filing and prospectus, advising on corporate structure, financial aspects, regulatory requirements and corporate governance, and coordinating with a lead underwriter to ensure a broad and balanced placement and a strong after-market performance. The offering of 155 million shares was well oversubscribed and Prinsiri shares had a successful first trading day on November 7, 2005.