Mr. Pranai Kungwalrut, Chairman of Executive Committee of Power Solution Technologies Public Company Limited (PSTC), has clarified the reason for the company’s share price hitting the floor and a Big Lot transaction of 173 million shares at ฿0.35/share.
In the statement, Mr. Pranai said that he had made a margin loan for share purchasing, but due to the concern over Covid-19, the share price of PSTC had plunged heavily which caused the share to hold a “force sell” status, thus, a selloff was required to close the status. Mr. Pranai asserted that the transaction had been made to major investors for long-term investment.
However, today’s incident would not affect PSTC’s business strategy and any structural management. Meanwhile, the structure of its major shareholders remained the same.
Mr. Pranai said that the company would still aim to increase its revenue by 20% this year, and the Covid-19 did not affect PSTC’s business.
Moreover, the company would, in succession, start to recognize the revenue from EPC around 3,000 million baht. The 4.6 MW Provincial Electricity Authority of Srayaisom Power Plant had been starting its operation since February 28, 2020, while the other part were being examined and tested which were expected a COD date this week.
Lastly, the company was setting aside a budget worth 1,000 million baht for the investment in an expansion of Private PPA in Power Plant for long-term returns.