Page 146

19. Management Discussion and Analysis

Performance • Overall Past Performance Gunkul Engineering Public Company Limited (“the company” or “GUNKUL”) and its subsidiaries, namely K.N.P. Supply Co., Ltd. (“KNP”), G.K. Assembly Co., Ltd. (“GKA”) and G.K. Power Product Co., Ltd. “GKP”), operate the business of manufacturing, procuring and selling electrical equipment and the business of procuring and selling equipment for renewable power to customers in government and private sectors. GUNKUL Group reorganized its shareholding structure by holding 99.99% of registered capital of KNP, GKA and GKP in order to eliminate conflict of interest issue and to increase management efficiency. The reorganization of such structure was completed on 30 June 2009 and the Company turned public on 10 August 2009. On 11 December 2009, the Company set up a subsidiary, Gunkul Powergen Co., Ltd. (“GPG”) to undertake the business of generating and selling electrical power to the Provincial Electricity Authority. The Company holds a 99.99% stake in GPG registered capital. Subsequently in 2010, the Company purchased common shares of G-Power Source Co., Ltd., core business of which involved generating and selling solar-based power, and held 98.98% of G-Power Source’s registered capital. In 2011, the Company increased its investment in G-Power Source and its shareholding increased to 99.99% of the total registered capital. On 30 March 2012, the Company sold 4,500,000 common shares of G-Power Source Co., Ltd. or equal to 60.00% of total registered capital of said company, totaling 629.92 million baht, to the Electricity Generating Public Company Limited. On 15 May 2012, the Company purchased 5,460,000 common shares of the Wind Energy Development Co., Ltd. or equal to 70.00% of total registered capital of said company at the price of 95.60 baht per share, totaling 522.00 million, from said company’s shareholder who had no relationship with the 144

Smart Energy in Action

Gunkul 12  

GUNKUL_2012 GUNKUL ENGINEERING PCL Annual Report 2012

Gunkul 12  

GUNKUL_2012 GUNKUL ENGINEERING PCL Annual Report 2012

Advertisement