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B.Grimm Power Service Limited (BGPS), a 100% owned subsidiary of B.Grimm Power, has established a joint venture company with SCG Cleanergy Company Limited (SCG Cleanergy), said the company release.
The objectives of the cooperation are to produce and sell of electricity generated from solar rooftop power system to industrial customers in Amata City Chonburi and Amata City Rayong industrial estates in order to strengthen and enhance the capability for competitiveness insuch business of B.Grimm Power as well as to promote the use of clean energy in the industrial sector of Thailand in line with sustainable business practices.
The new company would be called Cleanergy BGP Company Limited. The holding proportion would be 49% held by BGPS / 51% held by SCG Cleanergy.
The transaction is not classified as connected transaction and the transaction size is not required to be disclosed under the rules, procedures and disclosure of information concerning the acquisition and disposition of assets of the listed company. However, the transaction is the acquisition of investment in the other company but not resulting in that company becoming a subsidiary company of B.Grimm Power, it added.