TPC Power Holding Public Company Limited completed the acquisition of 99.8% stake in Eco Energy Group Corporation Co., Ltd from Ferrum Energy Co., Ltd.
December 14, 2020
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TPC Power Holding Public Company Limited (SET:TPCH) agreed to acquire 99.8% stake in Eco Energy Group Corporation Co., Ltd from Ferrum Energy Co., Ltd. for approximately THB 130 million on November 12, 2020. As per the transaction, Ferrum Energy Co., Ltd. will dispose 52 million shares of Eco Energy Group Corporation Co., Ltd. TPS has agreed to deposit THB 40 million which has already been paid as part of the share purchase price and the remaining THB 92 million has paid on December 15, 2020. Upon completion, Ferrum Energy Co., Ltd. will not have the shareholding in ECO and changing the director and changing the director’s authority. The proceeds from the sale of assets will be used as working capital for business operations and use the investment in a new project according to the business expansion plan. The transaction will bring benefits to the company. The sale of investments by selling ordinary shares of ECO which Seven Utilities and Power Public Company Limited received money to be use as working capital to develop new projects in accordance with the business expansion plan and to increase financial liquidity for the company.
TPC Power Holding Public Company Limited (SET:TPCH) completed the acquisition of 99.8% stake in Eco Energy Group Corporation Co., Ltd from Ferrum Energy Co., Ltd. on December 15, 2020. TPS has agreed to deposit THB 40 million which has already been paid as part of the share purchase price and the remaining THB 92 million has paid on December 15, 2020. For the year ended on December 31, 2019, Eco Energy reported a total assets of THB 124 million, net assets of -46.6 million, revenue of THB 133.9 million. The transaction is approved by the board of Seven Utilities and Power Public Company Limited.
TPC Power Holding Public Company Limited is a Thailand-based company engaged in investment in energy business. The Company, through its subsidiaries, operates the business of generating and distributing electricity from various types of renewable energy and providing support services. It has about 10 biomass power plants that have commercial operations, which include CRB power plant, MWE power plant, MGP power plant, TSG power plant, PGP power plant, SGP power plant, PTG power plant, TPCH5 power plant, TPCH1 power plant and TPCH2 power plant. It has investments in companies, which are focused on generating and distributing electricity from biomass; generating and distributing electricity from solid waste fuel with integrated waste management; and producing and distributing refuse derived fuel (RDF). The Company is a subsidiary of Thai Polycons Public Company Limited. Its subsidiaries include Chang Raek Bio Power Co., Ltd., Thungsung Green Co., Ltd., Pattani Green Co., Ltd., and others.
TPC Power Holding Public Company Limited completed the acquisition of 99.8% stake in Eco Energy Group Corporation Co., Ltd from Ferrum Energy Co., Ltd.