Power Solution Technologies Public Company Limited (PSTC) announced the Company signed the Share Purchase Agreement to dispose the 100% shares of 2 subsidiaries namely Bio Green Energy 1 Company Limited (BGE1) and Bio Green Energy 2 Company Limited (BGE2) worth totaling 30,000,000 baht to Woodwork Energy Company Limited (WWE) and Sahakij Klaeng Company Limited (SK).
BGE1 and BGE2 engaged in the generating of electricity from biomass with its capacity in total of 1.98 megawatt located in Nakhon Si Thammarat and Chon Buri respectively, which currently have not yet started the construction process. PSTC expected cashflow received from the selling of its subsidiaries’ shares will be used for working capital.
In addition, all members of the Board of Management have their opinion that the disposal of the asset is appropriate because the power plants have their located in a remote province from PSTC existing power plants of the Company and the inefficiency cost of management which may be affected to the return of investment in long run. However, currently, the Company has many large scales of power plant projects which can generate good return of investment and effective in operation.