Stella X Public Company Limited

Wind Energy Holding, or WEH, explained at an extraordinary general meeting on 27 July that its acquisition of the Nusa Legend Siam project from the STELLA group for 2.45 billion baht is justified. The price falls within the SEC's valuation range of 2.427 to 2.47 billion baht and is below the seller's original investment cost of 4 to 5 billion baht. The company plans to develop a mixed-use project on 184 rai of land in the Eastern Economic Corridor, projecting a 14 percent project return and an equity return as high as 21 percent. However, STELLA had previously informed the stock exchange that it tried to sell the asset at an initial price of 3.2 billion baht, gradually reducing it to 2.5 billion baht, but found no buyer. WEH management also stated that the purchase agreement was signed on 12 June 2026, before shareholders requested the meeting, claiming that approval authority rests with the board under the company's articles of association. It acknowledged that a first payment of 1.225 billion baht was made before the transfer of ownership, but considers the risk acceptable. In addition, WEH will receive a loan repayment of 830 million baht from STELLA, bringing the net cash outlay to approximately 1.62 billion baht. Shareholders questioned the financial management plan if the project continues to incur losses, the future use of funds, and why a wind energy company is deploying its massive cash reserves into high-risk real estate, but management chose not to answer these questions during the online meeting.