Energy Absolute Public Company Limited (SET: EA), and Nex Point Public Company Limited, or NEX, are advancing their funding preparations to support the electric bus project of the Bangkok Mass Transit Authority (BMTA). On 13 August 2026, EA’s Board of Directors approved three subsidiaries—NEX, Absolute Assembly Co., Ltd. (AAB), and EA Renewable Holding Co., Ltd. (ERH)—to receive collateral support from Double P Land Co., Ltd. (Double P) in connection with proposed loan agreements with a commercial bank totaling THB 9,777.64 million.
The receipt of collateral support from Double P constitutes a connected transaction in the category of receipt of financial assistance under the rules of the Capital Market Supervisory Board. The transaction is therefore subject to approval by EA’s Board of Directors and disclosure to the Stock Exchange of Thailand.
Based on the consideration payable by the three subsidiaries to Double P, the aggregate transaction value is THB 105 million, representing 0.32% of EA’s net assets. The transaction is classified as a medium-sized connected transaction under the applicable capital market rules. The directors with an interest in the transaction did not participate in the deliberation or vote on the relevant agenda item.
Following its review, the Board determined that the transaction was appropriate, reasonable, and in the best interests of the Company and its shareholders as a whole. The transaction will facilitate access to funding, enhance operational flexibility, and strengthen the Group’s readiness to execute its projects. The Board therefore approved the transaction.
Under the arrangement, Double P will mortgage land covered by 142 title deeds in Chachoengsao Province as part of the security package required by the bank. The collateral will support loan facilities of THB 8,545 million for AAB, THB 1,052.64 million for NEX, and THB 180 million for ERH. The combined loan facilities for NEX and AAB relating to the electric bus project amount to THB 9,597.64 million.
The loan facilities for NEX and AAB will strengthen their financial readiness to implement the electric bus project, covering manufacturing, working capital management, and related operations. ERH’s loan facility will support its business operations.
The NEX and AAB loan facilities are specifically intended to provide working capital for the manufacturing and operations required under the 1,520-electric-bus project. The project contract has already been signed between BMTA and the project contractor, while the EA–NEX group has been appointed to manufacture and assemble the electric buses for the project. The project therefore provides a clearly identified commercial basis and source of revenue. Revenue and cash flow will, however, be recognised progressively in accordance with vehicle delivery, acceptance, and the payment terms stipulated in the relevant contracts.
At the same time, EA continues to prioritise debt management and maintain financial discipline. As of 30 June 2026, the Group’s total liabilities had declined by nearly THB 15,000 million compared with two years earlier. This reflects that the financing arrangements are being prepared for a project supported by an existing contract, alongside the Group’s prudent management of its overall debt structure.
Mr. Chatrapon Sripratum, Chief Executive Officer of Energy Absolute Public Company Limited, said: “This collateral arrangement forms part of the Group’s financial preparations to ensure that its subsidiaries can access the funding required to execute their projects, particularly the electric bus project, which requires manufacturing capacity, working capital, and effective project management to be prepared in parallel.
EA is systematically strengthening its readiness across all relevant areas to support NEX and AAB in executing their plans continuously and effectively, subject to the applicable contractual terms and operational framework.”
Mr. Vasu Klomkliang, Chairman of the Board of Nex Point Public Company Limited, added: “Financial readiness is a key element in the execution of a large-scale electric bus project, alongside preparations in manufacturing capacity, supply chain management, and after-sales services. Arranging the collateral required to support these loan facilities will enable NEX and AAB to plan and manage the relevant operations more effectively.”
EA expects the collateral arrangements and related agreements to be completed within August 2026. The execution of the loan agreements and any drawdown of the facilities will remain subject to the conditions precedent and other requirements stipulated by the bank.
