BG Container Glass Public Company Limited (SET:BGC), Pavin Bhirom Bhakdi, Amarat Puvaveeranin and Silparat Watthanakasetr agreed to acquire Solar Power Management (Thailand) Co., Ltd. ("SPM") from Eastern Power Group Public Company Limited, Dan Chinsupakul, Phonlasit Phumiwasana and Weera Louwitawas for THB 1.3 billion on September 3, 2019. BG Container Glass Public Company Limited, Pavin Bhirom Bhakdi, Amarat Puvaveeranin and Silparat Watthanakasetr entered into sale and purchase agreement to acquire Solar Power Management (Thailand) Co., Ltd. ("SPM") from Eastern Power Group Public Company Limited, Dan Chinsupakul, Phonlasit Phumiwasana and Weera Louwitawas for THB 1.3 billion on September 3, 2019A total of 2 million shares will be acquired. The consideration includes THB 527 million for shares and THB 732 million for claim for short-term loans from SPM to Phu Khanh Solar Power Joint Stock Company ("PKS"). First installment of THB 125.9 million will be paid on signing the share purchase agreement, second installment of THB 1.13 billion will be paid on completion date and the last installment amount (if any) equal to the post-completion adjustment will be paid within 3 business days after the date which BG Container Glass and Eastern Power Group mutually agree on the SPM special audit on a consolidated basis including PKS’s financial statements as at the completion date. BG Container Glass is entitled to refund the first installment payment paid as advance payment on the signing date of the share purchase agreement, in the event that the approval from Export Import Bank of Thailand (“EXIM Bank”) whereas Eastern Power Group and its affiliate have entered into the loan agreement with EXIM BANK in relation to the PKS power plant project has not been granted for the execution of share purchase agreement. If the transaction is not consummated by BG Container Glass through no fault on the part of BG Container Glass, BG Container Glass is entitled to refund the first installment payment paid. Prior to complete the transaction, SPM will sell all shares in Alternative Energies Kabushi Kaisha and restructure to have investment only in PKS. Before transaction, Eastern Power Group held 1,999,997 shares with Dan Chinsupakul, Phonlasit Phumiwasana and Weera Louwitawas holding 1 share each. After transaction, BG Container Glass will hold 1,999,997 shares with Pavin Bhirom Bhakdi, Amarat Puvaveeranin and Silparat Watthanakasetr holding 1 share each. The transaction will be funded loan from Local Financial Institution. The transaction can be terminated if any condition precedent is not satisfied or waived by any party within the Long Stop Date, if the approval from EXIM Bank has not been granted by September 16, 2019 and BG Container Glass and Eastern Power Group cannot mutually agree in any proper solution within 7 days, both parties mutually agree in writing to terminate, in the event that any of the party is in a material breach to any clause of the share purchase agreement and such material breach is not remedied within 15 days or such material breach is not remediable or in the event that any party is subject to any order of the court or competent officer in relation to bankruptcy, administration, receivership, or business reorganization As of June 30, 2019, SPM reported total assets of THB 1.5 billion and net liabilities of THB 141 million. After the transaction, Pavin Bhirom Bhakdi, Amarat Puvaveeranin, Silparat Watthanakasetr and Somphon Temudomsomboon will be the directors of SPM. The transaction is subject to sale of all shares in Alternative Energies Kabushi Kaisha by SPM, SPM purchasing additional of 2% shares, resulting in 67% of total shares in PKS, SPM and Eastern Power Group obtaining written consent letters from EXIM Bank Thailand to enter into the transaction and PKS must have all necessary licenses, required to operate the project. On September 3, 2019, the Board of Directors of BG Container Glass resolved the transaction. On September 6, 2019, the Board of Directors of Eastern Printing Public Company Limited (SET:EPCO), parent of Eastern Power Group Public Company Limited, approved the transaction. Eastern Printing shall use the proceeds to repay loans in order to reduce its debt to equity ratio and/or to support its business expansion and investment in the future. Kudun Sukhumananda, Kongkoch Yongsavasdikul, and Chai Lertvittayachaikul of Kudun and Partners acted as legal advisors to BG Container Glass Public Company Limited. BG Container Glass Public Company Limited (SET:BGC), Pavin Bhirom Bhakdi, Amarat Puvaveeranin and Silparat Watthanakasetr completed the acquisition of Solar Power Management (Thailand) Co., Ltd. ("SPM") from Eastern Power Group Public Company Limited, Dan Chinsupakul, Phonlasit Phumiwasana and Weera Louwitawas on December 27, 2019. from Eastern Power Group Public Company has transferred debts and shares of Solar Power Management (Thailand) Co., Ltd and received 15% of the purchase price in the amount of THB 1.07 billion and al outstanding amounts will be paid in the final installment, which will be paid within 3 business days following the date on which BG Container Glass Public Company Limited and Eastern Power Group Public Company Limited have agreed on the audit of consolidated financial statements of Solar Power Management (Thailand) Co., Ltd and the owner's engineer has confirmed in writing that construction and repairing works have been completed as agreed, which is expected within March 2020.