Thai-listed steel supplier Max Metal Corporation Pcl has acquired stakes in a renewable energy and a Hua Hin-located golf course for a consideration of 450 million baht ($13 million) . According to its announcement, it purchased 10 million shares, equivalent to 20 per cent of total paid-up capital, in Ratchburi EEP Renewable Energy Co, which operates a 9.9-MW waste-to-energy power plant, for 190 million baht. MAX’s director Itthichai Arungsrisangchai said, the acquisitions are in line with the company’s policy to diversify into other businesses, which can generate income and profit in the long run. The power plant has signed the Power Purchase Agreement with Metropolitan Electricity Authority for 20 years and it expects the internal rate of return at 16 per cent. “As the plant will start commercial operation by the end of this year, we expect to receive the financial return in both revenues from investment and cash flows in short time and consistency of revenue growth and return to the shareholders in the long term,” he said. Meanwhile, the company will spend 260 million baht to acquire 80 per cent of The Majestic Creek Country Club’s common shares from Hua Hin Pattana Co Ltd at 12.50 baht per share. The Majestic Creek Country Club operates a 27-holes golf course, 25 minutes driving from the centre of Hua Hin. MAX will fund these acquisitions by using the remaining from the capital increase amount of 839 million baht, he added.
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