Global Power Synergy Public Company Limited announced that the Board of Directors' special meeting convened on 21 January 2019, resolved to approve the investment in the Energy Recovery Unit Project by the company or a subsidiary to be incorporated by the Company through the acquisition of the Energy Recovery Unit, which is a part of the Clean Fuel Project of Thai Oil Public Company Limited; to accept the transfer of ownership in the ERU Project from Thai Oil, with a total value of not exceeding USD 757 million (which is equivalent to a Thai Baht currency value of approximately THB 24,113 million), after the construction of the ERU Project is completed and the Provisional Acceptance Certificate (the "PAC") is issued under the CFP. In this regard, the Company expects that the construction of the ERU Project will be completed and the PAC will be issued in the third quarter of 2023; and to enter into other relevant agreements, i.e. the Asset Sale and Purchase Agreement, the Fuel and Utilities Supply Agreement, the Power Purchase Agreement, the Operation and Maintenance Services Agreement, and the Land Sub-Lease Agreement (collectively, the "Relevant Agreements"), as well as a Novation Agreement and any other agreements which are necessary and related to the asset sale for the acceptance of ownership transfer in the ERU Project and the entry into the Relevant Agreements with Thai Oil, who is a major shareholder of the Company, holding, directly and indirectly, more than 10% of the total issued shares of the Company. The entry into this transaction is consistent with the strategic plan in the business operation of the Company, which emphasizes on investment expansion in line with the strategy aiming at growth alongside the PTT Group, which will allow the Company to extend its power and utility production business which makes use of other different fuels. Furthermore, the transaction will promote investment in order to bring about energy security in the future.