Vietnam Renewable Energy Joint Stock Company announced that it expects to receive $5.829996 million in funding from Shinfox Energy Co., Ltd.
September 24, 2023
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Vietnam Renewable Energy Joint Stock Company announced that it will issue 12,250,000 common shares at an issue price of $0.4759183673469388 per share for gross proceeds of $5.83 million on September 25, 2023. The transaction will include participation from new investor, Shinfox Energy Co., Ltd. for 35% stake. The transaction has been approved at the board of directors of the company.
Shinfox Energy Co Ltd is a Taiwan-based company mainly engaged in the provision of energy-related engineering services. The Company provides construction of renewable energy power plants, mechanical and electrical engineering, energy-saving services and equipment installation and other related turnkey projects. Engineering services include feasibility study and planning, engineering design, equipment supply, equipment production, engineering construction, construction supervision, and commissioning. Technical services include the evaluation and planning of the use of energy-saving lamps, frequency conversion technology, network monitoring, and contract power consumption, and the provision of energy-saving and emission-reduction technical services for shopping malls and department stores. The electricity sales service is to supply the produced electricity to various electricity needs, including industrial electricity and residential electricity.