CWT Acquires 100% Stake in “Green Power 1” to Penetrate the Power Business

Chai Wattana Tannery Group Public Company Limited (CWT) announced that the Executive Committee Meeting held on August 24, 2020 has resolved to approve Chai watana Green Company Limited (CWTG), a subsidiary company in which CWT Holding 100% of total shares, the additional investment in Green Power 1 Company Limited (GP1), which operates the business of producing and distributing electricity from waste fuel. CWTG is currently holding 75.009% of GP1, therefore this investment will purchase additional 24,990 shares at par value of 10.00 baht and 1,224,509 shares at 2.50 baht from existing shareholders equivalent to 3,311,172.50 baht. After the transaction is completed, CWTG will hold approximately 100% of the shares in GP1 and all sold.

 

CWTG expects to enter into a share purchase agreement and complete the transaction within a month September, 2020.

 

The Board of Directors is of the opinion that the acquisition of assets of the company above is a suitable transaction since it is considered that the aforementioned business is an investment opportunity in the future of the company and is a new way to increase revenue.