Fri, May 20, 2022

business

WEH to pay THB2.7bn in dividends after court rules against Kasem


Wind Energy Holding (WEH) is preparing to pay 2.7 billion baht in dividends to its shareholders after the Bangkok South Civil Court dismissed an injunction requested by KPN Group co-founder Kasem Narongdej.

Kasem requested the injunction in August 2020 to prevent WEH from paying dividends on 64 million of the total 108 million WEH shares, claiming that the shares belonged to him.

On May 11, the Bangkok South Civil Court dismissed Kasem's request, ruling that he did not own the shares.

As a result, WEH will pay 2.7 billion baht in dividends to shareholders, including Golden Music and WEH chairman Pradej Kitti-Itsaranon.

"The company is allocating cash and expects to pay the dividends this week," a source from WEH said.

WEH has made six dividend payments in the past two years, worth 41.9 baht per share.

Operations of the firm were halted in 2014 when its co-founder Nopporn Suppipat fled to France after being threatened with criminal prosecution for allegedly intimidating a former business partner to reduce his debts.

Former WEH chairman Nop Narongdej, who is also Kasem's son, completed eight wind power projects with electricity production capacity of 717 megawatts in 2019.

However, he was voted out of his position by the current board of executives.

WEH is the largest wind power generation company in Southeast Asia, generating more than 10 billion baht revenue per year.

Published : May 15, 2022

By : THE NATION

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