TRITON HOLDING PUBLIC COMPANY LIMITED or TRITN released information via SET that on 24 January 2020 Board of Directors meeting has passed resolution on business plan to acquire biogas Power Plant AKKARAWAT Renewable Plant Energy Co., Ltd. (Power Plant Operation AKW) by authorizing TRITON POWER CO.,LTD. (TPW) it subsidiary holding 99.99% registered capital to sign in the venture with compulsory condition. At present the aforementioned condition has been accomplished and TPW has acquired Power Plant Operation AKW since 17 February 2020
Acquisition of Power Plant Operation AKW was made in forms of purchase ordinary shares and receipt of share transferred from the previous shareholders for 37,500 shares at par value Baht 100 at proportion of 75% of total registered capital at price of 686 Baht / share, amount totaling at Baht 25,725,000
This included the Acquisition of Power Plant Operation AKW by purchasing ordinary shares of 1,087,500 shares at par value Baht 100 at proportion of 75% of total registered capital, amount totaling at Baht 134,475,000. The company will utilize its current cash capital not exceeding Baht 135,000,000, the amount of which is the surplus from its selling off Splash Media Public Co., Ltd. during 4th Quarter of year 2018 plus its current operating cash.
However, in future TPW will continue its expansion in biogas power plant provided that TPW has potential to acquire source of fund or other financial resources and/or utilize its capital increment for the amount of 560 million Baht only after the shareholders meeting has approved and passed the resolution to change the objectives and plan of fund utilization
TPW will have advantages from this shareholding as it will enhance the fixed, stable and continuous income in the long run which will be beneficial to the shareholders. The acquisition of power plant business has increased the company potential in energy sector and move TPW forward being the leading company in continuous expansion of biogas power plant.
Although TPW has temporarily ceased its COD operation, with is competent team and expertise in the field, the management and operation problems in the past years have been tackled efficiently. TPW will definitely grow the business again once the AKW resume its normal operation