GULF Denied the Baseless Rumor of Joining an Investment with BWG and ETC
GULF denied the baseless rumor regarding the joint investment with ETC and BWG, while expecting to officially announce through SET soon.
Following the rumor in the trading room regarding Gulf Energy Development Public Company Limited (GULF), a producer and distributor of renewable energy and natural gas, is negotiating for a joint investment in alternative energy project with Better World Green Public Company Limited (BWG), a listed company in the Stock Exchange of Thailand that provides administrative and management services for industrial wastes and waste treatment for sustainable fuel and raw materials.
The rumor has it that Earth Tech Environment Public Company Limited (ETC), an electricity generation and distribution from renewable energy and integrated engineering, procurement, and construction (EPC) listed in the Thai stock market, is expecting to invest in a 150MW community waste-to-energy power plant, but lack of sufficient funds to do so.
Thus, the plan is to jointly invest with other operators, which would be GULF and BWG. The rumor said that ETC will offer GULF a 10% stake in the investment in a private placement offering.
Top executive of GULF told “Kaohoon Turakij” that the rumor was not true, while emphasizing that the company has never negotiated with, and received any interest from BWG regarding the matter.
GULF’s executive also disclosed that the company does not have an investment plan as the rumor has it.