Hua Kee Co., Ltd. entered into a share purchase agreement to acquire additional 19.04% stake in Bangkok Cogeneration Company Limited from NSL Ltd (SGX:N02) for $16.3 million on November 10, 2020. As per the agreement, Hua Kee Co., Ltd. will purchase 1.5 million Class A shares in the capital of Bangkok Cogeneration Company Limited representing 19.04% stake. The consideration includes a payment of $16.3 million in cash which will be made on the date of completion. The Consideration was arrived based on arm’s length negotiations between NSL Ltd and Hua Kee Co., Ltd. and represents a premium over the Net Asset Value of the sale shares and takes into account additional capital injection required by shareholders to generate future earnings potential of Bangkok Cogeneration Company Limited. Post completion, Hua Kee Co., Ltd. will hold 35.04% stake and NSL Ltd holds no stake in Bangkok Cogeneration Company Limited. The completion of the transaction shall take place on a date as the Hua Kee Co., Ltd. and NSL Ltd may mutually agree but in any event no later than November, 30 2020. NSL Ltd will continue to evaluate opportunities to use the proceeds received from the Proposed Disposal to maximize returns for its shareholders.