Hunton Assists East Coast Furnitech on Sale of Shares

Hunton & Williams, Bangkok assisted East Coast Furnitech Public Company Limited (ECF: Bangkok), a manufacturer and distributor of particle board and rubber wood furniture to nationwide stores such as Tesco Lotus, Big C and Home Pro, on the issuance and allocation of 30,000,000 newly-issued ordinary shares at the offering price of THB 5.58 per share worth THB 167,400,000 or approximately USD 5 million to specific investors, Macquarie Bank Limited and One Asset Management Limited, who will allocate such shares to the 29 mutual and provident funds under their management.

This capital increase will help increase ECF’s financial liquidity and working capital for operations and also strengthen its capital structure to accommodate the expansion of its core business and diversified business investment in the energy industry. ECF, through its power subsidiary, ECF Power Company Limited, invested in Green Earth Power (Thailand), the project company of Myanmar’s first solar plant, a 220 MW Solar power plant in Minbu, with a Scheduled Commercial Operation Date for the awarded PPAs in mid-2018.

The transaction was completed on 24 October 2017. As issuer’s counsel, Hunton’s team counseled ECF in relation to the Securities and Exchange Act, the rules and regulations of the Securities and Exchange Commission and the Stock Exchange of Thailand, as well as the Public Limited Companies Act. The team was led by counsel Yaowarote Klinboon, senior attorney Kamonwan Sivaraksa and associate Teerasak Petchpaibool.