Jasmine Telecom Systems Public Company Limited

Jasmine Technology Solution Public Company Limited, or JTS, is preparing to sell Jasmine Telecom Network Company Limited, or JASTEL, after being approached by the financial advisor of a company interested in acquiring all of JASTEL's shares. The sale price will be no less than 6 billion baht, with a four-month timeframe set for due diligence and price negotiations. JTS previously bought JASTEL from Jasmine International Public Company Limited, or JAS, owned by tycoon Pitch Potharamik, in early 2021 through its subsidiary Jasmine Submarine Telecommunications Company Limited, or JSTC, for 1.201 billion baht. This sale will give JTS a large sum to shore up its liquidity after it suffered severe liquidity problems and defaulted on three series of debentures totaling 420.15 million baht, for which it has just received approval from debenture holders to extend the maturity in exchange for higher interest rates. Meanwhile, JASTEL is the network service provider for 3BB, or Triple T Broadband Public Company Limited, or TTTBB, which is now an asset of Advanced Info Service Public Company Limited, or ADVANC.

Jasmine Technology Solution Public Company Limited, or JTS, informed the Stock Exchange of Thailand that its board of directors, at a meeting on 24 September 2026, acknowledged a letter of intent from the financial advisor of a company interested in acquiring all shares of Justel Network Company Limited, a subsidiary of the company. The company views the proposal as attractive and will study and negotiate the details, as well as facilitate due diligence, to support further consideration of the transaction's suitability. The company stated that it may not proceed with the transaction if the transaction value is below 6 billion baht. The details of the transaction, including the purchase price, remain subject to the outcome of due diligence and mutual negotiation, as well as other material conditions with the buyer. The letter of intent grants an exclusive negotiation right for a period of 4 months from the date of signing, during which the company will not solicit or negotiate other proposals regarding the sale of shares or assets of the subsidiary. The above actions are still at a preliminary stage, and the share purchase proposal is not binding on the parties to enter into the transaction, so it remains uncertain whether the transaction will occur. The transaction will require negotiation and agreement on the terms for preparing and signing the relevant contracts, as well as approval from the board of directors, the shareholders' meeting, and/or relevant authorities, as the case may be, in accordance with applicable laws and regulations.

JTS shares rose 9.24% after the Stock Exchange of Thailand removed the CB sign from the securities of Jasmine Technology Solution Public Company Limited, effective from 22 July 2026, after the company fully remedied the bond default event in accordance with the rules. Earlier, on 17 July 2026, the bondholders' meeting approved the revision of repayment terms and the extension of the redemption period for three series of bonds, namely JTS254A, JTS272A and JTS282A, to enhance the company's financial liquidity flexibility. The lifting of the CB sign reflects the cooperation between the company and bondholders in adjusting the repayment terms to align with the current liquidity position, with bondholders approving the extension of the redemption period, along with an increase in interest rates and a change to a gradual principal repayment structure to support long-term financial stability.