CHOW to Book ฿4.1Bn from the Sale of 9 Solar Farms in Japan with Total Capacity of 64MW

Chow Steel Industries Public Company Limited (CHOW) announced that the Board of Directors’ meeting held on 17 December 2020 has resolved to propose to the shareholders’ meeting to approve Premier Solution Japan KK (PSJP) and RICI International Investment Pte. Ltd. (RICI) (collectively, the “Sellers”), indirect subsidiaries of the Company with 87.36% ownership interest held through Chow Energy Public Company Limited (CEPL), to dispose of 6 subsidiaries registered in Japan which hold 9 solar power projects in Japan with a total installed of 64.21MW. 

 

The assets to be disposed in relation to the Transaction comprise of (1) all equity interests in 6 Japan subsidiaries (GKs) (2) all TK interests in 9 projects (TK Interests), and (3) Plots of land held by PSJP, which will be disposed of in two groups, Assets A and Assets B. 

 

Total consideration of the Transaction will be no less than JPY 14 billion or equivalent to THB 4.1 billion (with reference to the average selling rate of THB 29.3906 per JPY 100 as of 16 December 2020 as announced by the Bank of Thailand), which may be subject to further adjustments as agreed by the Sellers and the Buyers.