IGE

PTG Energy Public Company Limited (PTG) has announced that PTG Green Energy Company Limited (PTGGE), a subsidiary of PTG, will cancel the joint venture agreement that was made on November 25, 2016 with Eiamburapa Company Limited (EBP) to operate the business of production and distribution of ethanol from cassava pulp or starch or starch-related products under the new subsidiary, Innotech Green Energy Company Limited (IGE). After a careful consideration in technology study between PTGGE and EBP, the results concluded that the technology for producing ethanol from cassava pulp was not applicable to implement for commercial operations at the moment. Furthermore, the machine, which will be operated in this project, may cause a higher maintenance in the future. Thus, the Board of Directors resolved to approve PTGGE to cancel the joint venture agreement and other related contracts in production and distribution of ethanol from cassava pulp with EBP, in which PTG holds 60% of the shares in IGE. In addition, the Board of Directors also resolved to approve PTGGE to purchase 400,000 ordinary shares or 40% of total share of IGE from EBP with the total value of ฿5,799,302. At present, PTGGE has already entered into the share transfer agreement, transferred the shares ownership, and paid for such shares on November 15, 2018. PTG also reports that it is in the process of technology researching to align with project objectives and to generate a better return.