Seven Utilities and Power Public Company Limited (7UP) has announced the Board of Directors’ resolution to approve Ferrum Energy Co., Ltd. (FER EN), a 100% subsidiary of 7UP, to dispose 62.63% of ordinary shares in Mitprasong Green Power Co., Ltd. (MPG), who has Biogas power plant with the capacity of 4.0 MW in Surat thani, the amount of 438,421 shares for the price of not exceeding ฿232.65/share, and the total purchase price of not exceeding ฿102,000,000 to Smothong Group Co., Ltd.
The payment shall be made in cash in the amount of ฿60,000,000, while the remaining ฿42,000,000 will be made in the new ordinary shares of Smothong Group Co., Ltd. in the amount of 84,000 shares.
The income receiving from the transaction will be efficiently used in the management of 7UP. Furthermore, with the expertise of Smothong Group Co., Ltd.’s management will secure a recurring income for 7UP in order to achieve sustainable growth. Moreover, a portion of this transaction will be used for the acquisition of Informatrix Plus Co., Ltd.
M-Solution, 100% subsidiary of 7UP, has acquired 99.99% shares of Informatrix Plus Co., Ltd., a telecommunication and internet of things business, from United Power of Asia Company Limited (UPA) at the consideration value of not exceeding ฿25 million (equivalent to 40,207,412 shares in Informatrix Plus). The purpose of this acquisition is for business expansion to secure recurring income for 7UP as Informatrix earns incomes from billing the government for its various projects and more to come from 2019 projects, which will compensate the loss from Mitprasong’s power plant.