HONG KONG, CHINA -- 17 Aug 2018 - Beijing Gas Blue Sky Holdings Limited ("the Company" or "Beijing Gas Blue Sky", together with its subsidiaries, the "Group", HKSE stock code: 6828) is pleased to announce that, Global Power Synergy Group (Thailand) Company Limited ("GPS"), an energy investment holding in Thailand, has completed the first tranche of subscription of100,000,000 new Shares of the Company. 

 

While the second tranche of subscription of 50,000,000 new Shares will be completed on or before 28 Sep 2018. Immediately upon the issue and allotment of all the Subscription Shares under both the First Tranche and the Second Tranche, GPS will own 1.21% of the issued share capital of the Company.

 

On 24 Jan 2018, the Company entered into the Subscription Agreement with Mrs. Surangrat Chirathivat, a key shareholder and president of GPS. The Company also entered into a non-binding Strategic Cooperation Agreement with GPS, to create a strategic cooperation relationship between the parties.

 

Pursuant to the Strategic Cooperation Agreement, the parties have agreed, among other things, the followings:

 

a) In view of the encouraging energy related business development opportunities and collaborations in the South East Asia, Northeast Asia, (including the People's Republic of China) and Oceania, subject to the specific contracts to be entered between the parties, the parties would like to cooperate in selected projects, in the following aspects:

 

      I.   sourcing and trading of liquefied nature gas ("LNG") for buyers in Southeast Asia and Northeast Asia;

    II.   supplying of LNG to power plants and/or other infrastructure in Thailand and Southeast Asia;

   III.   increasing natural gas usage in Thailand; and

  IV.    utilizing from each Party's competitive advantages to enhance business opportunities and development of this cooperation.

 

b) The geographic focus of the business will be Southeast Asia, Northeast Asia and Oceania.

 

GPS was solely funded and established by Mrs. Surangrat Chirathivat and her husband, both of whom are family members of Central Group, one of Thailand's largest conglomerate running more than 4,800 locations/branches of store network globally with net saleable area of over 4.5 million sq.m. and revenue of 2016 over US$9.17 billion. 

 

GPS is an investment company in various energy related assets as well as energy commodities trading business. Together with its partners, the company has handled over US$2billion in value of trading activities. 

 

The company aims to strengthen electricity security for Thailand, and natural gas is deemed to be the main source of electricity generation for the country. 

 

As such, GPS has been heavily focused on expansion in natural gas business and actively seeking for global strategic partners especially in Asia favouring Thai government's policies, one of which is to support cooperation and connectivity among countries in One Belt One Road Initiative of The People's Republic of China. (mor/roc).