EA Approves a Debenture of ฿15bn to Acquire 19% of “Land Prosperity”

Mr. Amorn Sapthaweekul, Director of Energy Absolute Public Company Limited (EA) revealed that the Annual General Meeting of Shareholders of EA for the year 2020 held on April 23, 2020 has approved the (new) issuance and offering debenture in an amount of not exceeding Baht 15,000 million to prepare for in case if there is a suitable opportunity, being able to issue and offer debentures at a low value and favorable conditions, which will be benefited to EA to pay back the debt in order to reconstructure the existing debt or to contribute in future operation and investment.

 

In addition, the Meeting approved the investment in Land Prosperity Holding Co., Ltd. by acquiring not more than 19% of all ordinary shares from Prosperity Gain Holdings Ltd., who is a connected person of EA and approved the acquisition of the leasehold right over the land located in Chachoengsao Province, held by Amita Technology (Thailand) Co., Ltd. a subsidiary of EA, for building a lithium-ion battery factory and other related factories, from Double P Land Company Limited, which planned to complete the factory construction and start production within 2020.

 

The Meeting as well approved the annual dividend payment for the year 2019 of Baht 0.30 per common share, totaling Baht 1,119 million and determined the date of March 20, 2020 as the Record Date for shareholders’ right to compile list of shareholders. The annual dividend payment will be made in May 22, 2020.

 

“The overall performance of the year 2020 would marked as a new record as both wind power and solar farms will be able to produce electricity at full capacity of 664 megawatts for the first year and EA will be recognized a revenue from Phase Change Material project (PCM) that will start production and export from May onwards, without being affected by the covid-19 outbreak” said by Mr. Amorn.

 

“However, the biodiesel sector tends to have lower incomes due to reduced travel and fewer of vehicle uses. As for the electric vehicle business, the plan has been adjusted in accordance with the actual situation by extending the period of manufacturing and product delivery, but will not affect EA’s financial status” He added.

 

Mr. Amorn stated that EA is still monitoring the situation of covid-19 closely and confides that EA will be able to overcome the crisis. In this year, EA expects to recognize a revenue from new businesses, mainly comes from the introduction of energy technology innovations to enhance existing businesses and create an ecosystem to support future directions.