Green Tech Ventures Public Company Limited (mai: GTV) has informed the Stock Exchange of Thailand that due to circumstances beyond the control of the Company, including the delay in obtaining the necessary approvals and/or permits, there had been a delay in fulfilling the conditions to dispose the Solar Power Plant Business in Thailand for the Ground Mounted Solar Power Plant Project for Government Agencies and Agricultural Cooperatives, B.E. 2560 for Krasae Sin Agriculture Cooperative Limited, beyond the deadline of 5:00 p.m. on November 15, 2024, which is the longstop time.
As a result, the company engaged in negotiations with BSE Power Holdings (Thailand) Limited, a subsidiary of BCPG Public Company Limited, and agreed that the agreement for the Sale of KSS Transaction would terminate at 5:00 p.m. on November 15, 2024, in accordance with the original terms of the agreement. This decision was made to allow the Company to continue managing the solar power plant project for Krasae Sin Agriculture Cooperative Limited and operate its business effectively and continuously.
Furthermore, given the changing economic circumstances, the Board of Directors concluded that the cancellation of the Sale of KSS Transaction was reasonable, as the Company will continue to generate stable revenue from electricity sales, in comparison to accumulating cash from the sale, which may result in lower returns due to the current declining interest rates. Therefore, at the Board of Directors’ s Meeting No. 10/2024 held on November 26, 2024, the resolution was made to cancel the Sale of KSS Transaction.
Nonetheless, the Company disclosed that the cancellation of the Sale of KSS Transaction does not affect the completion of the disposal of all ordinary shares of Parabolic Solar Power Company Limited (PSP), which operates two ground-mounted solar power plant projects for government agencies and agricultural cooperatives: the projects of the Wichian Buri Agriculture Cooperative Limited and the Kathun Agriculture Cooperative Limited and PSP’s disposal of all ordinary shares of BS Solar Energy Company Limited, which operates a solar power plant project for government agencies and agricultural cooperatives, namely the Sri That Agriculture Cooperative Limited project, to the Buyer, which were successfully completed on April 30, 2024.
In the reference to the company’s Board of Directors’ Meeting No. 10/2023 held on November 15, 2023, where the meeting has resolved to approve the disposal of assets, licenses, contracts, rights, and equipment used in the ground-mounted solar power plant project for government agencies and agricultural cooperatives, B.E. 2560 for Krasae Sin Agriculture Cooperative Limited, to the Company’s subsidiary (the KSS Co), and the sale of all shares in KSS Co to BSE Power Holdings (Thailand) Limited, a subsidiary of BCPG Public Company Limited, at a total price not exceeding THB 208,840,000, with the price to be adjusted based on the duration of the asset transfer.
