Bangkok listed QTC Energy Public Company has completed its purchase of 15% of Green Earth Power, according to a release on the Thai stock exchange.
QTC says it has received the shares from the sellers, and in turn paid its third installment of 67m baht ($2m) on 21 June.
QTC shareholders approved the plan to buy 15% of Green Earth Power (Thailand) in May. The firm had first announced its intention to purchase a stake in April.
Green Earth Power’s main business is a planned 220MW solar power project in Minbu. It is one of two large solar farms that has received MIC approval and signed a PPA.
As of 29 April 2016, the pre- and post-transaction shareholding in GEP (Thailand) was the following:
||Shareholding (pre transaction)
||Shareholding (post transaction)
|Planet Earth Holding
||73% (both PEH and Noble Planet)
|Vintage Engineering Public
After the deal, three new directors are to be appointed, of which QTC can appoint one. There are currently six directors.
QTC is to pay $7.6m for the ordinary shares, and estimates it will spend $14.4m on shares in GEP (Thailand) on a pro rata basis if registered capital is increased in the future for the completion of the project.
Payment was to be made in four installments:
1st Installment – refundable deposit in December 2016 of $2.25m
2nd installment – within five business days of signing share purchase agreement, $1.5m
3rd installment – on closing date, tentatively June 2017, of $2m
4th installment – within 31 December, of $1.9m