Gunkul Engineering Public Company Limited announced that on 25th May 2022, the Board of Directors of the Company has resolved to approve the Company to sign a cooperation agreement on investment and development of renewable energy projects with Gulf Renewable Energy Company which holds 100% of the shares, in order to develop renewable energy projects, such as solar rooftop projects, wind power plant projects both domestically and internationally, solar power plant projects and other renewable energy projects; as well as, innovative energy businesses, such as future intelligent power transmission and distribution systems, etc. This business cooperation combines the strength of the two companies, which GUNKUL has expertise in renewable energy integrated and also in the construction of power plants, such as design and construction of comprehensive electrical infrastructure, covering from power plants, power transmission, distribution system to consumer. While GULF has expertise in power generation business including renewable energy power plants both domestically and internationally, with strong and broad in the business network.

Therefore, the cooperation will increase the joint venture's renewable energy business potential, which in line with the framework of the National Energy Plan, focusing on increasing the share of electricity generation from renewable energy. This is in order to achieve the Carbon Neutral goal by 2050. In addition, the Board of Directors has also approved to establish a company with Gulf Renewable Energy Company Limited to study, develop and jointly invest in solar rooftop projects.

Under the aforementioned joint venture, GUNKUL and Gulf Renewable Energy will have equal shares at 50%. In this regard, the said transaction size does not reach the criteria required to be carried out in accordance with the Notification of the Capital Market Supervisory Board No. TorJor.

20/2008 Re: The Criteria for Entering into Material Transactions Deemed as Acquisition or Disposal of Assets and is not considered a connected transaction according to the Notification of the Capital Market Supervisory Board No. TorJor. 21/2008 Re: Criteria for Connected Transactions of Listed Companies.

However, the Company has a duty to report information to the Stock Exchange of Thailand in accordance with the regulations of the Stock Exchange of Thailand regarding rules, conditions and procedures for disclosure of information and any operations of a listed company, which has a participation proportion of at least 10% of the paid-up capital of the participating companies.