Gulf Energy Development Public Company Limited (SET: GULF) would like to provide clarification to the Stock Exchange of Thailand with reference to the news regarding Nakhon Ratchasima Administrative Court’s verdict to revoke the land title deeds of 32 plots of land which are part of the Wayu Wind Farm (the Project) located in Huai Bong Subdistrict, Dan Khun Thot District, Nakhon Ratchasima Province, one of the wind power projects that the company has jointly invested in the proportion of a 50% equity stake with Gunkul Engineering Public Company Limited (SET: GUNKUL).
The company would like to clarify that this case is not final, and the project, which is a subsidiary of the company, will exercise its right to appeal against the judgment of the Nakhon Ratchasima Administrative Court.
In this regard, the judgment of the said Administrative Court will not be enforceableuntil the case is final; as such, the ruling of the Nakhon Ratchasima Administrative Court has no impact on the operations of the project in any way.
The company has conducted due diligence on the aforesaid issue before investing in the project, and was of the opinion that the issuance of the land title deeds of all 32 plots was in accordance with the relevant laws.The project will therefore exercise the right to appeal the verdict of the Nakhon Ratchasima Administrative Court to the Supreme Administrative Court to seek a final ruling on the facts and legal articles detailed in the appeal.
The project is currently operating its electricity generating business as usual without any impact to its operations in any way.