IEC Green Energy to Acquire 49 Percent of Gidec for 147 Million Baht

Thailand’s IEC Green Energy Company Ltd. will acquire a 49 percent stake in Gidec Co., a waste-to- energy project developer, for 147 million baht ($4.85 million).

IECG, a unit of International Engineering Pcl that distributes mobile phones, will buy 980,000 shares from Gidec, IECG said today in a filing to the stock exchange.

IECG will use working capital to buy the shares from Gidec director Panya Watcharaboon, it said.

Gidec is developing a 6-megawatt waste-to-energy project in Hatyai, Songkhla province and will sell the power to the Provincial Electricity Authority, IECG said.

To contact the reporters on this story: Chisaki Watanabe in Tokyo at cwatanabe5@bloomberg.net.

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net.

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