Agreement on buying and Selling of Company share and Proceeding
This agreement on buying of company shares, is made on the day of 03rd June 2011, between
MORFAZ POWER CO; LTD. having business registered office address at 27-7 B Sukhumvit Soi 31, Wattana, Bangkok, Thailand. Represented by Mr. Kim Kyung Hwan passport No………….. later called “ Buyer ”
By and between
PRASONGTHAM CO; LTD. having business registered office address at 15 Moo 1 T. Haad Khum, A. Muang., Ch. Nongkhai. Represented by Mr. Somprasong Thiangtham. ID. No………………………… latter called “ Seller “
Buyer agree and confirm of having capability, ready to buy the shares offered by seller Prosongthum Company Limited and The Seller agree and confirm having ability and ready to sell the shares of Prasongthum Company Limited.
Both parties confirmed the wiling and ready to proceed this transaction under the agreement stipulated below:-
1) Seller willing and agree to sell the total shares of 75% of Prasongthum Company Limited. Together with the procurement of the required licenses.
A) Power Purchase Agreement from PEA using PV technology
B) Factory License (R-Ngor-4).
C) Land Usage permit from local authority (Ao-Bor-tho).
D) Approval Letter from Board of Investment of Thailand.
E) Land for construction of Solar Power plant
2) Seller willing and agree to remain holding the shares of 25% out of total shares
3) Buyer agree to make payment immediately after signing this contract to Seller the amount in Thai baht of 3,500,000 ( TB. Three million and Five Hundred Thousand ) per each mega watts of PPA.
4) Buyer and Seller willing and agree to have jointly invest in this Solar Power Plant project under power purchase agreement with Provincial Electric Authority of Thailand no. ……………. Of 1 Mega Watts and shall provide sufficient land space for the construction and installation of solar power plant project.
5) Buyer willing and agree to invest in construction and all installations to complete this project of generating electricity and shall be strictly ready for SCOD to PEA as per awarded PPA capacity within due time
6) Buyer agree to put power generating installations for producing electricity at capacity of 1.1 Mega watts.
7) Seller willing and agree to receive the remuneration or profit from this joint venture company at ratio of shares 25% hold or at the fix rate of USD. 2200/ per MW.
8) Seller willing and agree to provide full cooperation after the completion of the construction of Solar Power Plant and the commercial selling of electric power to PEA to received financial support or financial project loan from financial Institution either local or overseas
Both parties mutually agreed on the above stipulated terms and conditions as the confirmation of the agreement and put their signature in witness in principles and the details execution shall be further agree upon base on above.
Sign by …………………………… Sign by………………………………………..
Mr. Kim Kyung Hwan Mr. Somprasong Thiuangtham
Buyer Seller