Wave Entertainment to sell 10% stake in Thai Solar Energy
Solar park in Thailand. Featured Image: topten22photo/Shutterstock.com
Thai TV programmes producer Wave Entertainment PCL (BKK:WAVE) said today has received board clearance to divest an up to 10% stake in local solar power company Thai Solar Energy Co Ltd (BKK:TSE).
Wave Entertainment will sell the TSE interest, comprised of 181.50 million shares, for THB 4.85 apiece or a total of THB 880.3 million (USD 25.2m/EUR 22.7m) in cash to Sino Thai Engineering and Construction PCL (BKK:STEC).
The seller will use the proceeds to partially pay back a loan, expand its business and for working capital, it said. Following this transaction Wave Entertainment will continue to hold 181.75 million TSE shares corresponding to a stake of 10%.
In September, Thai Solar Energy said it had decided to expand its renewable energy portfolio by investing in the construction of biomass power plants with a combined capacity of 22.2 MW.