Triton Holding Public Company Limited (TRITN) announced that the subsidiary company, Triton Power Co., Ltd. (TPW) has acquired in biogas power plant business of Akkarawat Renewable Energy Power Plant Company Limited (AKW) on February 17, 2020, with the following details:
1. Shares Acquisition by purchasing ordinary shares and transferring ordinary shares from existing shareholders in total of 37,500 shares with a par value of 100 baht per share, representing 75% of the total registered capital of 686 baht per share and total amount of 25,725,000 baht.
2. Shares Acquisition by purchasing ordinary shares to increase capital in total of 1,087,500 shares with a par value of 100 baht per share, representing 75% of the total registered capital of 100 baht per share and total amount of 108,750,000 baht.
After the aforesaid process has been completed, AKW will become a direct subsidiary of TPW and an indirect subsidiary of TRITN which will have three directors from TPW or TRITN namely, (1) Ms. Louise Taechaubol, (2) Mr. Chirdsak Kukiattinun, and (3) Mrs. Narumol Chattawanandonedirector from the existing shareholder namely, Mr. SittipornJaratpridalap.
AKW generates and sells electricity to Provincial Electricity Authority (PEA), which the electricity is generated by biogas incineration from concentrated distillery slop with a generating maximum capacity of 4.9 megawatt. AKW started Commercial Operation Date (COD) to PEA on 4 June 2010 and entered into a sale contract with PEA for 5 years (can extended for 5 years at a time). The electricity purchase rate is based on the basic of PEA purchase price which will change due to the PEA policy about purchase price. AKW is located at 99/1 Moo8 Sa Krachom Subdistrict, Don Chadi District, Suphan Buri.
Currently, the AKW temporarily ceased its COD because AKW is in the process of renovating the power plant about engineering design and new engineering management, anaerobic digestion system or digester to create biogas with the desired amount according to engineering principles, increasing number of machines and equipment related to process of electricity generation including the purchase of 32 rai 3 ngan 20 square wah land. Under the management of a new executive, AKW will able to resume COD operations and expected to resume operations in Q4/2020. AKW will use funds which received from the capital increase in the amount of 1,450,000 shares, with a par value of 100 baht per share, in total of 145,000,000 baht which is used for the above operations.