Kudun and Partners have successfully represented founders of Living Mobile Co., Ltd, a leading startup based in Thailand, renowned for its exceptional point-of-sale (POS) and software solutions tailored for the food and beverage industry under the brand “FoodStory”. The company’s groundbreaking technology and innovative approach have reshaped the dining experience not only within Thailand but also across international borders.
In this landmark deal, the founders of FoodStory, in collaboration with other corporate venture capital investors participating in a Series B fundraising round, have effectively executed their exit strategy by divesting the business to Line Man Corporation Pte. Ltd. (“Line Man Singapore”) through its Thai subsidiary, Wongnai Media Co., Ltd. LINE MAN Wongnai is proudly counted amongst Thailand’s esteemed trio of unicorn startups.
The transaction, marked by its sophistication, amounts to approximately THB 584 million. This complex deal was skillfully navigated using a two-tiered approach, involving a combination of cash payment and share-swap with newly issued Line Man Singapore shares.
Throughout the entire process, our experienced team at Kudun and Partners provided invaluable counsel and support, expertly guiding the complex corporate restructuring aspects of the transaction. Meticulously considering the regulatory intricacies associated with Thailand’s Foreign Business Act, we ensured a seamless and legally compliant process. In addition to our regulatory expertise, we also offered strategic tax planning and optimisation services, ensuring an outcome that maximised benefits for all stakeholders involved.
Ekachai Chotpitayasunon, partner of Kudun and Partners, lead the transaction, with assistance from associates, Natdanai Chitsakdanon, Chuenkamol Viriya, and Suphatcha Sirilapanan.
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