Ratch Group Public Company Limited (RATCH) announced Ratch-Lao Service Company Limited (RATCH-LAO), the Company’s wholly owned subsidiary, has enter into a connected transaction with Electricity Generating Authority of Thailand (EGAT), the Company’s major shareholder at the proportion of 45%. EGAT hires RATCH-LAO personnel to operate and maintain Hongsa Thermal Power Plant in Lao PDR in accordance with Operation and Maintenance Services Agreement for Hongsa Thermal Power Plant. The contract value is 168.11 million baht for the period of 36 months from November 1, 2020 onwards.
RATCH’s Board of Directors Meeting held on September 21, 2020, approved such connected transaction as agreed by the Company’s Audit Committee after having duly considered the substances in the Agreement and dissolved that the Agreement is appropriate and conducted for the optimum benefit of the Company and that the transaction is in accordance with the objectives of RATCH-LAO which was incorporated to operate in power plant operation and maintenance services business in Lao PDR.
In this regard, the directors representing EGAT, the COmpany’s major shareholder who is the connected person, were not present and had no rights to cast their votes in the agenda of this transaction.