Holding company Dragon One, which invests in computer and software-related firms, has signed a memorandum of understanding to take a 30-per-cent stake in Chaiyo Productions, owner of the Ultraman character, and plans to list Chaiyo on a foreign stock market in the future.

The company is currently conducting a due-diligence investigation of Chaiyo. This is expected to be complete by mid-December and a share purchase agreement likely to be signed soon afterwards.

Dragon One shares closed higher yesterday at Bt2.06.

Dragon One CEO Jrarat Pingclasai, said yesterday his company would also invest in capital-increase shares in Chaiyo. However, he declined to elaborate on Chaiyo's capital-increase plans.

"Right now, we cannot indicate how much money we need to invest in Chaiyo, because we first need to wait for our financial adviser to evaluate the proper prices that satisfy both sides," said Jrarat. "For the 30-per-cent portion, we'll pay in cash as well as a share exchange. But the total investment value will be no lower than Bt100 million."

He said Dragon One had no plans to appoint representatives in Chaiyo's management, because it regards Chaiyo's management team as experienced and efficient.

Chaiyo CEO and major shareholder Perasit Saengduenchai said his company was established in 1999 and focused on licensing.

"Chaiyo has no financial problems. Currently, the company has sufficient cash flow to support its business expansion. But with Dragon One, it will be able to expand more rapidly and with stronger capital, and our five-year plan needs about Bt1 billion in funds," said Perasit.

The company has paid-up capital of Bt43 million and holds the rights to create and develop the Ultraman character, as well as the right to produce and distribute all types of products under the Ultraman brand throughout the world, with the exception of Japan.

Chaiyo also produces visual and programming content using computer technology.

Its major shareholders as of last Friday included Perasit, with 52.59 per cent; Tiga Co, 11.22 per cent; Thanissapong Sasimanop, 10.46 per cent; Somchai Cheewasut-thanon, 10.46 per cent; Sompote Sangduenchai, 8.41 per cent; and Surasak Dheva-aksorn, 5.61 per cent.

Meanwhile, Bliss-Tel reported to the Stock Exchange of Thailand (SET) yesterday it had hired Dragon One as an adviser to provide a valuation of IEC Mobile, which will update a draft report prepared earlier by Seamico.

It said a company officer had made a mistake in informing the SET earlier that Bliss-Tel had engaged Seamico Securities to establish a fair value for IEC Mobile's business. Bliss-Tel said its board had acknowledged both the mistake and the information to be provided by Dragon One.

Siriporn Chanjindamanee

The Nation