Thailand Iron Works Public Company Limited signed a memorandum of understanding to acquire 99.99% stake in Solar Power Plant Business from Sea Oil Public Company Limited for THB 215 million.

Thailand Iron Works Public Company Limited (SET:TIW) signed a memorandum of understanding to acquire 99.99% stake in Solar Power Plant Business from Sea Oil Public Company Solar Power Plant Limited (SET:SEAOIL) for THB 215 million on April 24, 2020. The board of directors of Sea Oil Public has approved the divestment of the Solar Power Plant in a meeting held on April 24, 2020. The Living Energy Company (Solar Power Business) consists of 8 subsidiaries Sky Solar Roof Company Limited, Sky Solar Power Company Limited, NW Green Power Company Limited, NW Energy Company Limited, NW Solar Company Limited, Sunny Solar Company Limited, Sun Link Power Company Limited and Solar Town Company Limited which will be transferred to Thailand Iron Work post completion of this transaction.

The consideration will be paid in installments where 1st installment being THB 170 million paid on completion and 2nd installment of THB 45 million being paid within September 2020. In this regard, Thailand Iron Works Public Company agrees to pledge the Thailand Iron Works Subsidiary's shares to Living energy company as collateral at 20.9 percent of the issued capital of Thailand Iron Works Subsidiary. The proceeds from the transaction will be used by Living Co.

to reduce the debt which is due and payable. Thailand Iron Work must obtain approval from the Meeting of Thailand Iron Works Board of Directors and the Extraordinary General Meeting of Shareholders, which will be held on June 9, 2020. All related contracts are expected to be signed by relevant parties within the 2nd quarter of year 2020, and transfer of all business, and payment of the considerations are expected to be completed within the 3rd quarter of year 2020.