B.Grimm Power Public Company Limited (“B.Grimm Power”) has recently entered into the Memorandum of Understanding (MOU) with the Provincial Electricity Authority (“PEA”) and PEA ENCOM International Co., Ltd. (“PEA ENCOM”), a company under PEA group.
The main aim is to jointly study for the new business opportunities with cooperation in both technical and financial aspects. These include expansion of service area by Small Power Producer (SPP) projects to serve more number of potential industrial users, increasing the electricity supplying efficiency for private sector by the direct supply to end users or the Independent Power Supply (IPS), renewable project expansion, and jointly exploring the Microgrid and Smart Microgrid System which would strengthening B.Grimm Power’s leading position and competitiveness in the power industry.
This cooperation is also expected to provide the potential cost saving in future investment in transmission lines and other facilities with total value of no less than THB 1,000 million including the initial cost saving of THB 315 million in B.Grimm Power (AIE-MTP) project, together with the enhancement in both customer coverage and service efficiency.
On 30 September 2020, B.Grimm Power Service Limited , A subsidiary of B.Grimm Power, held 75% of total shares in B.Grimm Power (AIE-MTP) Limited (“BPAM”) while Asia Industrial Estate Co., Ltd. holds 25% of total shares in BPAM, transferred 5% of its shares in BPAM to PEA ENCOM for THB 200 million. After such share transfer, B.Grimm Power Service (Laem Chabang) Limited holds 70% of total shares in BPAM.
The company stated that “This transaction is not classified as a connected transaction and the transaction size is not required to be disclosed or to prepare a report disclosing the transaction information under rules on Entering into Material Transactions Deemed as Acquisition or Disposal of Assets and the Notification of the Board of Governors of the Stock Exchange of Thailand regarding Disclosure of Information and Other Acts of Listed Companies Concerning the Acquisition and Disposition of Assets.”