SOLAR aims to increase PP capital by 330 million shares, sell “Enyorra Private Equity” to strengthen capital base by 264 million baht, to expand business. Push the work to grow for the long term

Economy/Finance20 Nov. ’23 17:202023-11-20

Solartron Public Company Limited (SOLAR) board gives the green light to increase PP capital not exceeding 330 million shares, selling the Singapore fund “Enyorra Private Equity Pte.Ltd.,Singapore” at a price of 0.80 baht per share, ready for shareholders on 18 Dec. On this side, CEO “Sitthichai Kritwiwat” aims to use the money to expand and invest in the main business and related businesses according to the plan. Confident to drive stable income growth in the long term Hinting that there is an opportunity to return to paying dividends to shareholders again, signaling a full turnaround in 2024.

Mr. Sittichai Kritchawiwat, Chief Executive Officer of Solartron Public Company Limited (SOLAR), revealed that according to the Company’s Board of Directors meeting on November 14, 2023, it was resolved to approve the proposal to be presented to the Company’s Extraordinary General Meeting of Shareholders No. No. 1/2023 on December 18, 2023 to consider approving the issuance and allocation of additional capital shares of the Company, amount not exceeding 330 million shares, with a par value of 1.00 baht per share, for sale to a limited number of persons (Private Placement). ) including Enyorra Private Equity Pte.Ltd.,Singapore This person is not a related person to the company. At a price of 0.80 baht per share, it is expected to receive an investment of approximately 264 million baht.

However, after the issuance and offering of additional common shares this time, Enyorra Private Equity Pte.Ltd.,Singapore will Holds 330,000,000 shares of the Company, or approximately 21.61% of the total number of shares sold in the Company.

For the purpose of increasing capital this time, the company The money received from the capital increase will be used as working capital. To support the company’s current operations and for future business expansion. This will have a positive impact on the long-term growth of the business.

“The issuance and offering of 330 million additional shares to Enyorra Private Equity Pte.Ltd.,Singapore at a price of 0.80 baht/share is expected to enhance financial liquidity. Including strengthening the capital base even more. To support business expansion as planned in both solar panel and EPC businesses, including related businesses. At this time the company Currently studying to invest in other energy businesses. that is not energy from solar energy, such as water power, wind power, etc. It also helps reduce the burden of borrowing debt. and the company’s expenses This will help create growth for the company. stable in the long term Including returning to paying dividends to shareholders as quickly as possible.”

While operating results for the 3rd quarter of 2023, the company turned in a net profit of 5.97 million baht from the same period last year that had a net loss of 51.18 million baht, and for the 9-month period of 2023, it turned in a net profit of 166.16 million baht from the same period. of the previous year which had a net loss of 137.67 million baht. This was due mainly to the reversal of allowance for impairment of assets and allowance for loss from diminution in the value of goods. Due to the current property valuation

Source: IR Plus

Symbol: SOLAR

IR Plus