The board of Bangkok-based property developer Adamas Inc. Public Co. Ltd. approved the acquisition of peer Asset Five Holding Co. Ltd.

Adamas will acquire the target's assets, liabilities, rights, obligations and responsibilities as of the transfer date, through the issuance of no more than 752,836,413 new shares to Asset Five at an offer price of 1 baht per share.

Separately, Adamas' board approved the appointment of Supachoke Panchasarp as CEO.

The company also named Chompunoot Suwan as assistant CEO, accounting and finance department. Both appointments took effect Dec. 18.

Phatsorn Visuttipong stepped down as company secretary and was replaced by Aphiwat Sathiantanarat. Visuttipong will remain accounting and finance manager and secretary of the board.

As of Dec. 18, US$1 was equivalent to 32.78 baht.