Bangchak cuts stake in lithium mining in Argentina, USA
December 22 Mr. Chaiwat Kovavisarach, Chief Executive Officer and President, Bangchak Corporation Public Company Limited Notification of the Stock Exchange of Thailand
Subject: Notification of the reduction of shareholding in Lithium Americas Corp. (LAC) stating that
The Board of Directors meeting approved the investment management guidelines of the Group. The Company’s subsidiary, BCP Innovation Pte. Ltd. (BCPI), reduced its shareholding in Lithium Americas Corp. (LAC), which operates lithium mining projects in Argentina and the United States. And is a listed company on the Toronto, Canada and New York Stock Exchange. USA Which has an initial investment value of approximately 36 US dollars and
The value received from the dilution of this investment is approximately 13 million US dollars.
The difference between the selling price and the cost of investment from the dilution is as follows: Will be recognized directly into retained earnings And is not recognized through the income statement
As of December 21, 2020, BCP holds 0.5 million shares or approximately 0.5 percent of LAC.
The reduction of the shareholding will not affect the right to purchase lithium under the Lithium Puchase Agreement (up to 6,000 tonnes per year) from the Cauchari-Olaroz project.
This transaction is not a connected transaction and the size of the transaction is not subject to reporting information in accordance with the criteria for acquisition and disposal of assets of listed companies.
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