Renewable energy provider WEH reports significant growth

To ensure the company's stability, Nuttpasints and his legal teams have disclosed its comprehensive shareholder structure, indicating that three groups of external disputes have now subsided and that all stock transfers have been legally authorised.

No factors are affecting the shareholder structure, he stressed, adding that the structure is stable, allowing management to make confident decisions.

"WEH's current shareholder structure remains strong and consistent, fostering a distinct management strategy. All board members have remained in their positions and disputes between external parties unrelated to the company have been resolved or concluded, he said.

According to legal assessments, all stock transfers over the last 15 years, from the company's inception to the present, have been legally approved with no significant changes to the shareholder structure.

WEH shareholders have been divided into two groups since the company's inception in 2009, the first of which was REC, owned by Nopporn Suppipat and associates, later renamed KPNET (Thailand), which held 59.46%. 

As of January 29, 2024, the company is owned by Golden Music Company Limited (GML) with 37.87% of shares, Padej Kitti-itsaranon with 11.81%, the company's former executives with 3.75%, and 36 minority shareholders holding 6.03%.

The second group of shares, representing 40.54%, was originally held by the Kitti-itsaranons and were transferred on a regular basis without dispute. As of January 29, Thana Power One Company Limited held 26.65%, Nusasiri Public Company Limited 7.12%, Demco Public Company Limited 3.87%, and 91 minor shareholders held the remaining 2.90%.

Nattharit U-dee, Head of WEH's Legal Department, admitted that external disputes involving the company frequently make headlines because they involve well-known individuals. 

However, these issues only affect the shareholders of Group 1 and have no bearing on the company or any other shareholders. 

Regarding the recent problem with Nusasiri (NUSA), he explained that the company acquired 7.12% of WEH shares in the second group, which amounted to 40.54% via a share swap from other shareholders in the same group. 

"There were no issues with this transaction, which was completed legally and without incident. As a result, the company has no concerns about NUSA's petition to revoke all share swap transactions," he noted.

He explained that the assurance stems from NUSA's reliance on a criminal court verdict (regarding document forgery) involving Group 1 shares, which is completely unrelated. 

The veracity of the matter and the clarity of all evidence are undisputed, and is ready to be presented to the court, he added. 

NUSA disclosed its intention to acquire an additional 26.65% of WEH for 11.7 billion baht through a share swap with Thana Power One in August 2023. 

However, earlier this year, NUSA filed a complaint with the Civil Court requesting that the court revoke its all-share swap contract with WEH, claiming that the WEH shares to be swapped were involved in lawsuits and Thana Power had no legal ownership of WEH shares, which WEH denied. 

WEH CEO Nuttpasint insisted that the WEH shares being swapped with NUSA have no issues affecting their ownership. 

"We (WEH) affirm that all legal issues have no bearing on the company or our management," he said, adding that those issues have been completely resolved by law and vowing to continue its robust growth trajectory, which has already seen a 50% increase in profits since the beginning of the year.