GPSC Earns THB1.12 Billion from the Divestment of Shares in Japan-Based Ichinoseki Solar Power

Global Power Synergy Public Company Limited (SET: GPSC) announced the divestment of its shares in Japan-based Ichinoseki Solar Power 1 GK, expecting to complete the transaction in the first quarter of 2022.

GPSC notified the Stock Exchange of Thailand late Thursday that on February 7,  2022, the company has entered into the Unit Purchase Agreement for the divestment of all shares in Ichinoseki Solar Power 1 GKor ISP1, which the company holds 100 percent stake in ISP1, to CES Iwate Taiyoko Hatsudensho  GK for the total value of approximately JPY3,860 million, or approximately THB1,119 million.

The transaction was in accordance with the resolution of the Board of Directors Meeting on December 15, 2021. Such a transaction is subject to the satisfaction of the conditions precedent under the Unit Purchase Agreement. The transaction is expected to be completed in the first quarter of 2022.

Such a transaction is part of asset management in alignment with the company’s strategy to expand its total capacity from green portfolio in target countries. After such divestment of shares, the company will recognize the value-added profit from the investment in ISP1 and plans to use the proceeds from the transaction for further investment in accordance with the company’s strategy.