SEC advises JTS shareholders to exercise their voting rights on the agenda to increase investment in Bitcoin mining after IFA views risks

© Archyde.com. SEC advises JTS shareholders to exercise their right to vote on the agenda to increase investment in bitcoin mining following IFA views risks

The Office of the Securities and Exchange Commission () asks shareholders of Jasmine Technology Solutions Plc. (JTS) to study the information and exercise their right to vote at the Extraordinary General Meeting of Shareholders on February 22, 2022 via online system. In the case that the Company and/or its subsidiaries will invest in the Bitcoin mining business further, the IFA is of the opinion that Such investment projects have significant risks that the Company cannot control. which has a significant impact on the return of shareholders Therefore, shareholders should not approve this investment. On December 21, 2021, the JTS Board of Directors passed a resolution approving the purchase of no more than 6,300 bitcoin mining machines with electrical systems and other related systems. is a total investment value of not more than 3.3 billion baht, divided into the following items: (1) JASTEL Network Company Limited (JASTEL), a subsidiary of JTS, will purchase 1,800 bitcoin mining machines from Premium As. Seth Co., Ltd., a subsidiary of Jasmine International Public Company Limited (JAS), which is a major shareholder of JTS, has a total investment value of approximately 741.60 million baht, which is an asset acquisition transaction. and connected transactions (2) JTS or JASTEL will purchase no more than 4,500 bitcoin mining machines with electrical systems and other related systems, with a total investment value of not more than 2,558.40 million baht. Direct production, which is an entrepreneur who is not a connected person of the Company from the aforementioned investment items The Board of Directors of JTS considers the purchase of the Bitcoin Miner to be reasonable. and in the best interests of JTS JASTEL and the group of companies Because it will increase the potential of Bitcoin mining business, which is a business that will increase the opportunity to generate income for the group of companies. As a result, the business grows and generates benefits. However, the Independent Financial Advisor (IFA) considers the risks and possibilities of the bitcoin mining business to be variable at JTS.

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