TeeraMongkol Green Energy to buy biogas power plant operator Green Saving Energy Thailand
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Teera-Mongkol Industry informed the Stock Exchange of Thailand on Monday that the company’s board on June 15 had resolved that TeeraMongkol Green Energy (TMGE), a wholly owned subsidiary, should purchase 100 per cent of Green Saving Energy Thailand, subject to due diligence.
The planned investment is in a 1.4-megawatt biogas power plant, which Green Saving Energy Thailand has operated for the generation and transmission of electricity for sale to the Provincial Electricity Authority since April 2015.
The board resolved that TMGE would sign a share-purchase agreement on June 16 and pay the first tranche of Bt5 million to run the due diligence within the period of 45 days, until July 30.
Should the investment project be deemed unreasonable following due diligence, TMGE will make no investment in Green Saving Energy Thailand, whose shareholders will return the Bt5 million by the end of August.
