PTG Announces a Joint-Investment Cancellation with “SAMMITR”
PTG announced a cancellation of a joint investment with Sammitr Motors as the investment did not pass the criteria set by PTG.
In accordance with the notification that PTG Energy Public Company Limited (PTG) informed to jointly invest with Sammitr Motors Manufacturing Public Company Limited (SAMMITR), the company entered into a shareholder agreement on February 28, 2027 to operate the business of service center and maintenance for trucks and trailers, under Sammitr Protruck Solution Center Company Limited (PRO TRUCK).
PTG stated that after careful consideration in the joint investment performance, the results concluded that this joint investment did not pass the criteria as designated by the company. Furthermore, this joint investment continually confronted various business management challenges, which may affect the business in the future. Thus, the Board of Directors of PTG resolved to cancel this joint investment and cancel the shareholder agreement, dated 28 February 2017, including other related contracts.
In addition, the Board of Directors also resolved to approve the disposal of all shares in PRO TRUCK of 399,998 ordinary shares at 5 baht per share, totaling the selling value at 1,999,990 baht to SAMMITR.
At the present, PTG and SAMMITR already entered into the share transfer agreement and transferred the shares ownership, as well as, the company completely received the payment for the sales of such shares.
Consequently, PTG affirmed that this transaction did not affect the company’s business and not consider to be a connected transaction.