“WHAUP” submits to Vietnam arbitration for “Aqua One” to buy back shares under the contract terms.

“WHAUP” submits to Vietnam arbitration for “Aqua One” to buy back shares under the contract terms.

On September 30th, WHA Utilities & Power Public Company Limited –(WHAUP), a major utility and energy management service provider in Thailand decides to submit a letter to initiate the arbitration proceeding for Aqua One Company (Aqua One Water Corporation) to paid for shares according to the purchase agreement Including the cost of retention as jointly determined after the inability to purchase shares within the agreed time frame.

All this began with WHAUP (SG) 2DR PTE. LTD. (WHAUP (SG) 2DR), a subsidiary of WHAUP, has expanded its investment in the production and distribution of tap water in Hanoi. and acquired more than 34 percent of shares in “Duong River Surface Water Plant Joint Stock Company” (SDWTP) after analyzing the high probability of growth. Due to Vietnam’s continuous economic expansion and people’s demand for tap water more and more.

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However, under that share contract (WHAUP (SG) 2DR) has the right to sell all SDWTP shares to “Aqua One”, its major shareholder, if “SDWTP” cannot bring the Investment Registration Certificate (IRC). with amended in additional details updates to be given to WHAUP (SG) 2DR. Subsequently, when the time frame expired, it appeared that both “Aqua One” and “SDWTP” were unable to submit the above IRC registration documents. Consequently, “Aqua One” will have to buy back 34% of its existing shares from (WHAUP (SG) 2DR) in accordance with the terms of the contract specified.

Recently, there is no progress in the share repurchase of “Aqua One” Mr. Niphon Boondechanan. Chief Executive Officer, WHA Utilities and Power Company Limited. Therefore, it is necessary to submit a dispute resolution letter to the Vietnam International Arbitration Center (VIAC) to initiate arbitration for Vietnamese companies to comply with what is jointly stated in the contract.

If the arbitral award requires “Aqua One” to purchase back “SDWTP” shares at the contractual price, WHAUP (SG) 2DR will receive a refund of VND 1,886.27 billion (approx. 2.8 million baht)

For further information, please contact THAC!