Energy Absolute Public Company Limited (SET: EA) has announced that the Board of Directors of the company resolved to approve the reception financial assistance from Mr. Somphote Ahunai in the form of unsecured short-term bill of exchange to enhance the company’s financial liquidity and to use it for repaying loans.
The company stated that it will issue unsecured short-term bill of exchange to Mr. Somphote Ahunai, a major shareholder of SPBL Holding Company Limited (SPBL), which is a major shareholder of EA with a shareholding of 18.70%, according to LSEG, in the total amount of THB 900 million.
The interest to be paid to Mr. Somphote from the issuance of unsecured short-term bill of exchange, with the interest rate of 4.50 percent per annum, is calculated to be THB 1,553,424.66. The maturity date of the bill of exchange is 28 October 2024.
According to the statement disclosed by the Board of Directors, the receipt of such financial assistance is necessary, appropriate, reasonable, and beneficial to the company, as the interest on the loans is referenced from the interest rate at which the company conducted transactions during the same time period.
The receipt of such short-term financial assistance will enable EA to redeem the short-term bill of exchange within the specified redemption period. Therefore, the Board of Directors has resolved to approve the receipt of financial assistance.
Mr. Somphote Ahunai was once a major shareholder of EA, but a sharp decline in its share price last year forced him to sell pledged shares at a low value.
