Bangchak Public : To notify the disposition of shares in the subsidiary company, registered capital, and change in the company name
June 08, 2022 at 09:52 pm EDT
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-TRANSLATION-
No. 10000/048/2022
June 9, 2022
Subject : To notify the disposition of shares in the subsidiary company, registered capital, and change in the company name
Attention : President of the Stock Exchange of Thailand
Bangchak Corporation Public Company Limited ("the Company") would like to inform you that as the Board of Directors approved an investment in land loan and consignment business to extend the Mee Tee Mee Ngern Project, initiated by the Government Savings Bank, to increase liquidity for those affecting from COVID-19 pandemic and solve informal debt problems. The Company has negotiated with business partners, Government Savings Bank and Dhipaya Group Holdings Public Company Limited (TIPH) as follows:
BCV Biobased Co., Ltd. (BCVB) (a wholly-owned subsidiary of the Company and registered capital 20,000,000 Baht), which is a company that does not currently operate any business, will be a joint venture company. Also, BCVB will register the change of the company name toMee Tee Mee Ngern Co., Ltd. and increase the registered capital.
The Company will sell its shares in BCVB to the Government Savings Bank and TIPH in accordance with the agreed shareholding proportion. Consequently, the Company, Government Savings Bank and
TIPH will hold 20%, 49% and 31% of Mee Tee Mee Ngern Co., Ltd.'s shares respectively. After that, BCVB will increase the registered capital to 1,000 million baht in proportion, resulting in Mee Tee Mee Ngern Co., Ltd. become an associate of the Company as follows.
Company Name:
Mee Tee Mee Ngern Co., Ltd. (Former name BCV Biobased Co., Ltd.)
Objective:
To engage in the business of land loan, consignment, and related businesses
Registered capital:
1,000,000,000 Baht (initial registered capital 20,000,000 Baht)
It is expected that the registration will be completed within the 3rd Quarter in 2022.
This transaction is not a connected transaction, and the transaction size does not require any disclosure under regulations on the acquisition and disposition of assets of the listed companies. However, this is a report that a listed company or its subsidiary company acquires or disposes of an investment in another company, which results in that other company becoming or ceasing to be a subsidiary company of the listed company or its subsidiary company. Therefore, this transaction will result that Mee Tee Mee Ngern Co., Ltd. ceasing to be a subsidiary of the Company.
Please be informed accordingly.
Yours sincerely, -signed-
(Mr. Chaiwat Kovavisarach)
President and Group Chief Executive Officer
Investor Relations Division
Tel. 0 2335 8663
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Bangchak Corporation pcl published this content on 09 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 June 2022 01:51:02 UTC.
Bangchak Corporation Public Company Limited is a Thailand-based energy company, which operates in tandem with socio-environmental responsibility. The Companyâs segments include Refinery and oil trading, Marketing, Electricity, Bio-based product, Natural resources, BSRC and Others. Its core business is petroleum refining to produce products from domestic and international sources operated by two complex refineries, with a production capacity of nearly 300,000 barrels per day, Bangchak Phra Khanong Refinery in Bangkok and Bangchak Sriracha in Chonburi province. It produces and distributes its products through more than 2,000 service stations nationwide. It has expanded its businesses to oil trading, green power, bio-based products, and natural resources and business development. It conducts a bio-based products business, including biodiesel and ethanol. Its products include Low Sulfur Fuel Oil, Unconverted Oil (UCO), JET Fuel, Diesel Base Fuel, liquefied petroleum gas (LPG) and others.
BANGCHAK CORPORATION 
