Chinese Internet company Tencent Holdings has announced that it plans to acquire a 49.92% stake in the Thai portal website Sanook.com for HKD81.7 million.

Under the share purchase agreement, Tencent will buy 2,496 shares of Sanook.com. On the completion of the deal, Tencent will be allowed to assign two directors to Sanook’s board of directors. At the same time, the company will gain the right to recommend candidates for Sanook’s executive president.

Established in January 2000, Sanook.com mainly provides services in entertainment, information, business, and community sectors, and it was launched and maintained by Sanook, a Thai subsidiary of the South African company MIH.

According to public files, Sanook is a wholly-owned subsidiary of Naspers Limited and it currently owns 99.84% of the issued shares of Sanook.com. Naspers Limited is also the controlling shareholder of MIH China, which is a major shareholder of Tencent.