Basic Energy Corp. (BEC, PSE: BSC) recently completed its acquisition of a total of 2,521.865 shares, representing 15% of the total equity of VTE International Co. Ltd (Thailand) (VINTER). VINTER and Vintage EPC Co. Ltd, in which BEC has likewise a 15% equity participation, are the EPC contractors for the 220 MW solar power plant project located in Minbu, Magway Region, Myanmar.
Pursuant to the Share Purchase Agreement dated June 27, 2018, Meta Corporation Public Co. Ltd (META) transferred 15,000 shares to BEC on July 2, 2018. Under the said agreement, the parties agreed to increase the capital of VINTER from THB1 million to THB168,124,320, by issuing 16,712,432 shares, of which BEC’s 15% equity participation is equivalent to 2,506,865 shares.
VINTER increased its capital first, by 16 million shares, of which BEC acquired 15% thereof—equivalent to 2,400,000 shares—on July 24, 2018. Last February 13, 2019, VINTER effected the last increase of its capital by 712,432 shares, of which BEC agreed to acquire 15% thereof—equivalent to 106,865 shares. Payment thereof in the amount $34,362.07 was received by META on February 15, 2019. VINTER’s capital increase was registered with the Bureau of Business Development, Ministry of Commerce, Thailand on February 21, 2019, and BEC received copies of the covering documents on the same date.
Total capital of VINTER now stands at THB168,124,320, consisting 16,812,432 shares at par value of THB10.00, of which shares BEC now owns a total of 2,521,865 shares equivalent to 15% of VINTER’s capital.