Super Energy Corporation Public Company Limited (SUPER) has announced the resolution of its Board of Directors divest all common shares held by Super Earth Energy Company Limited (SUPER EARTH) in MUANGTHAI NA YU Co., Ltd. (MNY) to Energy Republic Co., Ltd (Energy Republic), a person which is not connected, equivalent to 92.54% of the total issued and paid-up shares in MNY at the price of THB 120,000,000.
The sale of investment in common shares in MNY at this time also resulted in NONGKHAI NA YU Co., Ltd (NKNY) ceasing to be a subsidiary of SUPER EARTH that indirectly holds shares in NKNY 62%.
The reason for disposition is due to the facts which have shown that there may be a dispute between the existing shareholders in MNY and NKNY which may affect the acquisition of SUPER EARTH and affect future operations. Therefore, in order to prevent problems and the potential impacts, SUPER EARTH has negotiated for the existing stock sellers to buy back MNY shares.
If the seller is able to resolve the dispute to be clear until satisfactory, SUPER EARTH has the right to buy the shares of MNY at the same price again.