Pae Thailand Public Company Limited (SET:PAE) agreed to acquire 67.77% stake in PPS Energy and Marine Company Limited from Capital Engineering Network Public Company Limited (SET:CEN) for THB 82.1 million in cash on February 10, 2015. Under the terms of the agreement, Pae Thailand will acquire 1.02 million shares in PPS Energy and Marine at THB 80.8 per share. The consideration includes cash and cash equivalents of PPS Energy worth THB 0.835 million. The acquisition was funded through money from capital increase of Pae Thailand. As of September 30, 2014, PPS Energy and Marine reported total assets of approximately THB 180.53 million, total common equity of THB 86.25 million, revenues of THB 3.52 million and net loss of 5.43 million. The Board of Directors of Pae Thailand and Capital Engineering Network approved the deal on February 10, 2015. The proceeds will be used as working capital by Capital Engineering Network. As of February 16, 2015, shares sale and purchase agreement for the transaction was entered into. The deal is expected to close in March 2015.

Pae Thailand Public Company Limited (SET:PAE) completed the acquisition of 67.77% stake in PPS Energy and Marine Company Limited from Capital Engineering Network Public Company Limited (SET:CEN) on March 12, 2015.