ECF Extends the MOU Signing of 1MW Solar PP to Study the Feasibility for the Investment

ECF Extends the MOU Signing of 1MW Solar PP to Study the Feasibility for the Investment

East Coast Furnitech Public Company Limited (ECF) has announced the extension of the Memorandum of Understanding (MOU) to study the feasibility for the investment in Solar Power Plant Project (3rd).

According to ECF and CR Solar Co., Ltd. (CRS) entered into MOU on 22 December 2017 to study the feasibility for the investment of 1MW Solar Power Plant Project of CRS located at Thern District, Lampang Province and entered into the 2nd amendment memorandum of MOU on 21 August 2018 to extend the period for due diligence to be within 28 February 2019 and extend the period for entering into the purchase agreement to be within 31 March 2019.

Due to Inter Far East Energy Corporation Public Company Limited (IFEC) registered the change of the board of directors on 8 March 2019, ECF contacted the new board of directors of IFEC to consult on the following proceedings under the MOU.

IFEC, under the new board of directors, delivered the letter dated 5 April 2019 re-notification of inspection proceedings in relation to the transactions between IFEC and ECF. The letter states that the board of directors of IFEC is under the process to take the works and necessary documents including inspection of information regarding all past transactions and the transactions between IFEC and ECF which has not been finished and needs to take a period of time. As there is a necessity to wait for the new board of directors of IFEC to completely take the works, necessary documents, and inspection of information regarding all past transactions and the transactions between IFEC and ECF.

As the result of awaiting,  the Company agreed to extend the period for due diligence to be within 30 November 2019 and extend the period for entering into the business purchase agreement to be within 31 December 2019 including to extend the due date of the loan repayment to the Company under the loan agreement dated 26 December 2016 to 31 December 2019.

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