Basic Energy Corp. completed the acquisition of a 15-percent stake in VTE International Co. Ltd. (Thailand), or Vinter.
Basic Energy said it bought 2,521.865 shares representing 15 percent of the total equity of Vinter.
Vinter and Vintage EPC Company Ltd., in which Basic Energy has another 15 percent equity participation, are the engineering contractors of the 220-megawatt solar power plant project in Minbu, Magway Region, Myanmar.
“Last February 13, 2019, Vinter effected the last increase of its capital by 712,432 shares, of which Basic Energy agreed to acquire 15 percent thereof equivalent to 106,865 shares. Payment thereof in the amount $34,362.07 was received by META (Meta Corporation Public Company Ltd.) on February 15, 2019,” Basic Energy said.
Vinter’s total capital now stands 168,124,320 Thai baht consisting of 16,812,432 shares at a par value of 10 baht. Basic Energy now owns 2,521,865 shares equivalent to 15 percent.
Basic Energy signed the share purchase and shareholders agreements with Meta, formerly Vintage Engineering Public Co. Ltd., covering the purchase of 15 percent of Vintage EPC and Vinter in June last year.
The company remitted $2.622 million as earnest money deposit, which will be converted to paid-in capital in the companies on the closing dates stipulated in the share purchase agreements.
Vintage and Vinter are the EPC suppliers and the EPC construction service contractor, respectively, for the 220-MW Myanmar solar project.
The owner-developer of the project is Green Earth Power (Myanmar), which is the holder of the power purchase agreement with the Myanmar government’s energy and power ministry.
The plan, design and construction of the project started in 2016. It will be completed in three phases of 50 MW each and 70 MW for the fourth stage.
Phase 1 of the project is scheduled to be completed by the first quarter of 2019. The subsequent phases will be pursued after completion of the previous stages until the project’s full completion on or before 2022.