7UP Invests in Singapore Mechanical Manufacturing, Expanding Biz Opportunity in Overseas

Seven Utilities and Power Public Company Limited (7UP) announced according to the resolution of the Board of Directors’ Meeting held on May 13, 2020, the Meeting passed a resolution to the Executive Committee to negotiate the placement agreement under the conditions approved by the Board of Directors regarding the investment in Metal Component Engineering Limited (MCE), a Singapore company listed on the Catalist board of the Singapore Stock Exchange which engaged in mechanical manufacturing solutions focusing on data storage, office automation peripherals, ATM and kiosk products in order to expand investment to other countries and increasing the variety of business opportunities.

Since the investment transaction is significant in MCE news broadcasting in Singapore on May 20, 2020, the 7UP’s Executive Committee has achieved a placement agreement in MCE by signing a contract in an amount of 155,000,000 shares, equivalent to 29.3 percent of MCE’s enlarged number of shares, worth SGD3,410,000 or THB 80,000,000. The placement agreement is subject to certain conditions including approval by shareholders of MCE and it is provided that there are three months to complete all these conditions.