Son Ha Energy to fully acquire subsidiary SSP via share swap

Son Ha Development of Renewable Energy Joint Stock Company (SHE)'s Extraordinary General Shareholders' Meeting has approved a plan to issue shares to acquire 100% of the capital contribution in Son Ha SSP Vietnam Co., Ltd. (SSP). This strategic move will result in SHE becoming the sole owner of SSP, a leading manufacturer of stainless steel welded pipes in Vietnam. The share issuance, valued at VND 500,507,630,000 based on a par value of VND 10,000 per share, will involve issuing 50,050,763 shares.

The swap ratio is set at 50,050,763 shares of SHE for every 1 share of SSP, with the value of one SHE share estimated at VND 10,022. This transaction will increase SHE's charter capital to VND 650,039,190,000 post-issuance, a 334.72% increase from the current VND 149,531,560,000. All shares issued in this swap will be subject to a one-year transfer restriction.

The acquisition aims to enhance SHE's business growth, optimize operational costs, and boost financial capacity, leveraging SSP's existing export market across over 50 countries. The resolution passed with 73.036% of voting shares in favor.