Bangkok--23 Sep--RATCH
Ratchaburi Electricity Generating Holding Public Company Limited declares to the Stock Exchange of Thailand that the Company would sell 4,500,000 ordinary shares or 15% held in Siam Ethanol Exports Company Limited to Siamgas and Petrochemicals Public Company Limited.
Mr. Narong Sitasuwan, the Managing Director of Ratchaburi Electricity Generating Holding Public Company Limited revealed the resolution of the Board of Directors’ Meeting held on September 17, 2008 that Ratchaburi Energy Company Limited, the Company’s subsidiary, would sell 4,500,000 ordinary shares or 15% held in Siam Ethanol Exports Company Limited to Siamgas and Petrochemicals Public Company Limited with 10 Baht per share or 45 Million Baht in total sales value in order to divest an investment because the biogas project is not the Company’s core business. Moreover, with the feasibility study showing the use of biogas from the project’s waste water to generate electricity that it does not meet the Company’s ROI at a satisfactory level.
Siam Ethanol Exports Company Limited, which is the ethanol manufacturer from agricultural products for exporting, with the total registered capital of 300 Million Baht divided into 30 Million of ordinary shares at the Par Value of 10 Baht per share. The disposal of the company’s all ordinary shares is calculated as 15% of Siam Ethanol Exports. For the book value, as of June 30, 2008 is 8.80 Baht per share. After the Signing MOU on Share Purchase Agreement on September 19, 2008 and the Shares Transfer Date is on October 7, 2008 the Company and Ratchaburi Energy Company Limited would have not any investment in Siam Ethanol Exports Company Limited.
Ratchaburi Energy Company Limited was set up on September 4, 2001 with the registered and paid-up capital of 140 million baht by 99.99% held by the Company. Ratchaburi Energy Company Limited is an investment arm in small-scale renewable-used power projects. It currently has invested in the power generation from flared gas project in partnership with PTTEP Plc. And PTTEP Siam Co., Ltd. to buy flared gas, a by-product of crude oil production, from Pradu Thao-A field in Sukhothai province, for using as a fuel in the 1.75-MW power plant project.
For more information, please contact
Public Relations Department, Ratchaburi Electricity Generating Holding PCL.
Wiwan Phayakvichien
Tel: 0 2978 5221, 0 2978 5224 E-mail [email protected]