SAAM prepares $10m in convertible bonds

SET-listed renewable energy developer SAAM Development is preparing to issue convertible bonds worth US$10 million (360 million baht) to support its new digital asset investment business, which is expected to generate 300 million baht in revenue per year.

- NUNTAWUN POLKUAMDEE

SAAM joined hands with partners to develop its digital asset investment plan, comprising Nakamoto Labs Co Ltd, digital asset exchange, and FWX, a decentralised finance platform using artificial intelligence (AI) technology for risk management and decentralised trading.

Phodduang Kongkamee, chief executive of SAAM, said the company aims to increase liquidity, accelerate long-term income and expand its capital market revenue base by preparing to issue $10 million in convertible bonds.

He said the company is preparing to enter the digital asset industry by being a liquidity provider for at least two digital asset exchanges regulated by the Securities and Exchange Commission, as well as FWX.