GTV restructures power plant sales business, ready to receive assets of 477 million baht, used to expand Green Tech line to support turnaround : InfoQuest

Stock news10:55 a.m.2023-11-21

Mr. Phondonphat Tatchanthimarat Acting Chief Executive Officer of Greentech Ventures Public Company Limited (GTV) revealed that the Company’s Board of Directors meeting (on 15 November 2023) resolved to approve the restructuring of the business within the Group of Companies. By approving the sale of the solar power plant business in Thailand of Parabolic Solar Power Company Limited (PSP), a subsidiary of the Company. Holding 99.99 percent of the total shares of PSP to BSE Power Holdings (Thailand) Company Limited, a subsidiary of BCPG Public Company Limited (BPCG), in the amount of 477,070,000 baht. The share purchase agreement will be signed within November.

The solar power plant consists of projects to produce electricity from ground-mounted solar energy for government agencies and agricultural cooperatives, namely Srithat Agricultural Cooperative Limited project, capacity 5 megawatts, project of Wichian Buri Agricultural Cooperative Limited, capacity 1.75 megawatts, cooperative. Kathun Agriculture Co., Ltd., production capacity 1.20 megawatts, project of the organic fertilizer producer and user cooperative. Krasae Sin District Limited, production capacity 5 megawatts, total production capacity 12.95 megawatts.

“Selling the said power plant will make the company Have funds to invest in other businesses that can increase the opportunity for future income growth. But the emphasis is on green technology. and is sustainable It is consistent with the vision of the company Green & Technology. In addition, it creates an opportunity to generate income for the company. More than the solar power plant business in Thailand which currently has high competition It will also help control expenses and investment budgets effectively.” Mr. Phondonphat said

Plan for using the proceeds from sales: The company will use the proceeds as a reserve fund for investment in future projects. which is green technology in line with the vision Currently, the company Interested in investing in Critical Minerals and metals projects to revolutionize clean energy production Investments in green supply chains, battery technology development for electric vehicles, distributed energy solutions, blockchain and carbon credit, etc. However, it is expected to see investment in the first quarter of 2024.

Mr. Phondolpat said that the goals and direction of GTV will definitely change in a good direction. By accelerating the creation of businesses that are connected to every business. Both investing in technology businesses Including businesses that do not affect the environment Under the vision of Green & Technology along with cost management and believes that the new business will create sustainable income in the future Because it is stable in terms of income, has high value, including returns that shareholders will receive. At the same time, we have set a target for operating results in 2024 to turn around and set a 3-year target (67-69 ) will see an average annual growth of 10-15%.

“Upon assuming the position (on September 1, 2023), there was a meeting to discuss and plan business operations strategies. We aim to follow the concept. green technology Creating and developing technological innovations and all forms of the environment including new business expansion To increase the ability to create sustainable income and profits. It also creates good returns for shareholders in the future.” Mr. Phondonphat said

By InfoQuest News Agency (21 Nov. ’23)

Tags: GTV, Greentech Ventures, Phondolphat Thattantimarat, Thai stocks, power plant