The Board of Directors’ meeting of Com7 Public Company Limited (SET: COM7) No.1/2025, held on 24 February 2025, resolved to approve Com7 Holding Company Limited (“COM7 HOLDING”), a subsidiary in which the Company holds 100% of the total shares, to invest in EV7 Company Limited (“EV7”) by purchasing 399,998 existing ordinary shares with a par value of 100 Baht per share (paid-up value of Baht 25 per share), equivalent to 99.99% of the total shares of EV7, from Gold Integrate Company Limited, the existing shareholder of EV7, who has no any relationships and is not a connected person with the Company, at the purchase price of 25 Baht per share, equivalent to 9,999,950 Baht.
Additionally, COM7 HOLDING will pay for the unpaid shares in the amount of 75 Baht per share, equivalent to 29,999,850 Baht after the purchase of shares. Accordingly, the total investment amount is 39,999,800 Baht, and the purchase of shares will result in EV7 becoming a subsidiary of the Company.
EV7 is a company that provides rental and leasing services for electric vehicles, electric vehicle chargers, and related equipment, with a customer base in the government sector, private sector, taxi cooperatives and General Individuals.
The purpose of this investment is to expand investments in businesses that can further grow the EV distribution business of the Company’s group by increasing distribution channels and promoting EV adoption among retail customers, SME business customers, and EV TAXI entrepreneurs.
Besides COM7 HOLDING, Mr.Narong Sriwannawit and Mr. Huang Yongjie, the two who hold two shares before COM7 HOLDING making the investment, will continue holding one share each.
Mr. Huang Yongjie, Mrs. Wassana Pongsangluk, and Mr. Narong Sriwannawit will be its director, while the source of funds will come from the cash flow from business operations of COM7 HOLDING.
Since EV7 requires working capital for expansion after the investment, COM7 HOLDING plans to increase EV7’s registered capital by 100,000,000 Baht, from the original registered capital 40,000,000 Baht to a new registered capital of 140,000,000 Baht. Mr. Huang Yongjiehas expressed an intention to acquire shares of EV7 in the proportion of not more than 5% of the total number of shares of EV7 after the capital increase, and the Company has considered that his stake in EV7 will be beneficial to EV7, given his expertise and experience in the EV distribution business, as well as his strong relationship with an EV dealer in China. Accordingly, his acquisition of shares in EV7 will not impact the Company’s management control over EV7.
