GUNKUL Bounces Back by 5% as Investors Digest Information on Controversial Title Deed

The share price of Gunkul Engineering Public Company Limited (SET: GUNKUL) bounced back on Thursday after a sharp plunge in recent days as the market reacted negatively regarding the controversial on title deed that could potentially damage its ongoing operation of the wind farm.

Prices rose as much as 4.83% to THB4.34 in the morning session on Thursday.

Earlier, the company admitted that fact regarding the report that the Central Administrative Court revoked the company’s title deed in Huai Bong, Dan Khun Thot District, Nakhon Ratchasima, Thailand, totaling 1,747 rai (approx 0.431 acre). However, GUNKUL noted that the decision of the Central Administrative Court is not final, and the company will appeal the decision on March 10, 2023.

GUNKUL noted that prior to purchasing the said title deeds, the company conducted the due diligence on processes of issuing the title deeds and found out that the issurance of the said title deeds was correct in accordance with the laws. The company has the opinion that the issuance of the land title deeds of all 32 plots was in accordance with the relevant laws.

Miss Sopacha Dhumrongpiyawut, Director and Chairman of the Executive Committee of GUNKUL, stated that the Wayu Wind Project with a total capacity of 50MW operates under the said land. However, the damage to the operation would be attributed to around 20MW as the disputed land did not cover all of the project.