The International Engineering Public Company Limited or IEC would like to clarify the report on the use of capital increase (PP) (40,000 million shares in accordance with the resolution of the Board of Directors) that, on 20th January 2015, the company received THB 618.22 million from three private placement investors, or 15,971.34 million calculated shares. However, two investors did not paid in full amount, due to their concern about unstable economy which could impact on global stock market and a significant reduction on oil price. Therefore, they had asked to decrease share subscription. Thus, IEC would like to inform our plan after the result of under subscription as follow,
IEC owns alternative energy projects without liabilities which mean those projects can apply for loans with financial institute with an amount of approximately THB 1,000 millions, for example, Solar Power Plant project in Mae Ramad, Tak, Solar Power Plant in Mae Malai, Chiangmai and Waste-to-energy Power Plant in Hat Yai, Songkhla. Furthermore, IEC has planned to postpone investments in some projects for instance, an investment in solar farms with an amount of THB 300 million and a joint venture business in Ethanol project. Also, the remaining PP shares can be re-allotment or can request for an approval from shareholders in the shareholders’ meeting to change conditions from PP to RO (Right Offering).
From the aforementioned plan, this is to support the company after receiving lower capital increase than expected. It is clear that IEC still moves forward to develop new projects without any effect from the capital increase, and no influence to our financial status.