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Bank of Ayudhya's shareholders approve purchase of Cambodian microfinance firm

Bank ofAyudhya PCL won approval from shareholders for its plannedacquisition ofCambodia's microfinance institution Hattha Kaksekar Ltd. for US$146.33 million.

The total consideration is equivalent to an estimated priceto equity value of 2.59x, according to an April 28 statement. The actualconsideration, however, will be subject to a one-to-one adjustment on thechange in actual equity book value at the completion date of the deal.

The deal is also subject to regulatory approvals in Thailandand Cambodia.

In addition, the bank's shareholders approved the transferof subsidiary Krungsri Factoring Co.'s entire business to the bank. Thepurchase is valued at 10.11 baht per share, but will also be adjusted based onthe change in book value at the closing of the deal.

Bank of Ayudhya is a unit of

As of April 29, US$1was equivalent to 34.91 Thai baht.