Energy Absolute clarifies no change in CEO's shareholding, warns of legal action over misinformation

Energy Absolute Pcl (EA) has clarified various issues raised by groups of people who it says are attempting to mislead investors about the company.

In a statement, Amorn Sapthaweekul, EA’s Deputy Chief Executive Officer, began the clarification about power plant projects in Nakhon Sawan and Lampang provinces. The Nakhon Sawan power plant project has a capacity of 126.126 megawatts (MW) and the total project is valued at 6.654 billion baht, an investment of 57.75 million baht per MW.

The Lampang power plant project has a capacity of 128.396MW and the total project value is 8.274 billion baht, an investment of 64.45 million baht per MW.

Amorn said both projects were being implemented in accordance with the rules and regulations, and project finance is being used to fund the projects.

He said a consulting firm has been chosen to assist in verification before direct disbursement of money for engineering, procurement, and construction. The cost of investment per MW was precise and verifiable, according to the company.

He compared the investment cost in the construction of the company's power plants in 2013, and said some projects had cost 80 million baht per MW.

He said this showed that the company has achieved appropriate investment cost per MW.

He said the Blue Tech City Industrial Estate Project in Chachoengsao province has been chosen for investment due to its strategic approach and location in the Eastern Economic Corridor (EEC).

The project had a lot of potential, including readiness for project development, a good location, and a potential transportation network. The company has already evaluated numerous aspects, and it is likely to be another initiative project with positive investor feedback.

Therefore, the investment was made legally after the town planning into an industrial area in 2019.

Amorn said information published by certain sources about CEO Somphote Ahunai selling his shares in the company were untrue.

Currently, Somphote still owns 43.48 per cent of the company’s shares, which he holds in his name and through entities such as UBS AG Singapore branch Amorn said.

He added that the company is gathering information and will pursue both civil and criminal charges under the Computer Crimes Act BE 2550 and related laws against the person who intends to import distorted or fake, in whole or in part, or false computer information into computer systems, including the fraudulent distribution or transmission of such computer information, which is likely to harm the company, in terms of good corporate governance and to a large number of retail investors. He said the company was not complacent and would take action