Grand Prix International Public Company Limited (SET:GPI) entered into a memorandum of understanding to acquire 18% stake in True Energy Company Limited from Jamras Techanithi for THB 50 million on January 29, 2020. Grand Prix International also purchase 0.25 million new shares for THB 200 million. Grand Prix International will purchase 0.45 million shares representing 16.36% stake in True Energy. Grand Prix International will provide funds for the transaction from the working capital of Grand Prix International. True Energy has total income of THD 0.62 million, net loss of THB 11.68 million, total assets of THB 527.23 million and total owners equity of THB 224.81 million. As on March 31, 2020, the Board of Directors of Grand Prix International resolved the transaction. The transaction is expected to close on April 14, 2020.