Anwell Technologies Limited : Update On The Epc Contract Signed For A Solar Power Project10/26/2012| 04:31am US/Eastern
Anwell Technologies Limited : Update On The Epc Contract Signed For A Solar Power Project
10/26/2012| 04:31am US/Eastern
ANWELL TECHNOLOGIES LIMITED (Incorporated in the Republic of Singapore) (Company Registration No.200308707W) UPDATE ON THE EPC CONTRACT SIGNED FOR A SOLAR POWER PROJECT
The Board of Directors of Anwell Technologies Limited ("Anwell" or the "Group") refers to the announcement dated 10 February 2012 ("Announcement") relating to a EPC Contract signed by the its wholly-owned subsidiary, SUNGEN International Limited ("SUNGEN"), for the Project relating to constructing a solar power plant in Thailand.
Unless the context otherwise requires, terms defined in the Announcement shall have the same meanings when used herein.
The Board wishes to announce that the construction of the solar power plant has been completed in accordance with the terms of the EPC Contract and tested to comply with the standards required by the Provincial Electricity Authority ("PEA") of Thailand. The solar power plant has commenced commercial operation accordingly. As the first solar power project completed by SUNGEN in Thailand with its one- stop solutions, the Project is testament to the Group's expertise and technological capability in this promising market. Going forward, the Group will continue to exploit new opportunities of large-scale solar power projects through various business models.
As previously announced, the completion of the Project with a total contract value of 780 million Baht (approximately US$25 million) will contribute positively to the Group's earnings for the financial year ending 31 December 2012.
BY ORDER OF THE BOARD Franky Fan Executive Chairman and CEO
26 October 2012
Thu, 20 Dec 22:38
Anwell Technologies said the group’s wholly-owned subsidiaries, Sungen International and Sungen (Thailand) Company, have entered into an Engineering, Procurement And Construction (EPC) contract with an independent third-party investor to build a solar power plant in Thailand.
The total contract value of the EPC contract is 445 million baht ($17.7 million) to be satisfied by cash.
Anwell said the group has also disposed its 100% shareholding interests in Lopburi Solar and 100% ownership interest in the piece of land situated in the Lopburi province of Thailand to the investor for the development of the new solar power plant.
The consideration amount of the disposal is 25 million baht, also to be satisfied by cash.
ANWELL Technologies yesterday said a trade creditor has obtained a court order to auction 229.4 million yuan (S$46.5 million) worth of assets from its subsidiary Henan Kerry Digital Co Ltd.
This follows a court order to seize the assets for outstanding trades payable of approximately 94 million yuan owing to the creditor. The seizure of assets is to prevent Henan Kerry from disposing of the assets and to secure the creditor's legal rights for the recoverability of the debt owed.
The interim management has been negotiating with the creditor for the rescheduling of the payment of the amount due. However, no settlement has been reached.
The net book value of pledged assets represents 60 per cent of Henan Kerry's manufacturing equipment total net book value as at end-June 2013.
Anwell said yesterday that the interim management was currently unable to ascertain whether the remaining assets would be sufficient for any level of manufacturing and for its daily business operations.
In the event that the pledged assets are sold off at the auction and if the group is unable to enter into any arrangement with the purchaser for the group to continue to utilise such assets for the business operations of Henan Kerry, the operations and financial performance of the group companies will be materially and adversely affected.
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