Real-estate and power developer, United Power of Asia (UPA), on April 23 approved in principle its subsidiary Canna Care’s purchase of 184,900 shares worth THB50 billion in the Golden Triangle Group (GTG).
The investment was reported to the Stock Exchange of Thailand on April 26.
Kawin Chalermroj, UPA’s assistant chief executive officer, said the shares to be acquired by Canna Care will constitute approximately 2.27 per cent of GTG’s total ordinary shares, adding that if this deal goes through, the group will have raised the capital it requires.
GTG is collaborating with other agencies to produce cannabis for medical research.
However, he added, UPA still has to complete its due diligence on GTG, especially concerning certain conditions.
The conditions that UPA will consider include GTG ensuring that the production of cannabis is not in violation of relevant laws and that the capital raised is successfully paid up by other investors and that it is satisfactory to UPA.
“Once UPA finds the results of due diligence and other conditions satisfactory, the company will consider entering into the investment by May,” he said.