CORNERSTONE TEC (08391): Spark has completed the first stage of development and successfully secured the second stage funding of 51.3 million Hong Kong dollars.

CORNERSTONE TEC (08391) has announced a significant transaction regarding the subscription of ordinary shares of Thai joint venture company Spark EV Company Limited ("Spark"). Spark has completed the first phase of development and has achieved the agreed milestones, including the installation of 240 electric vehicle (EV) charging stations in Thailand, an average utilization rate of 9% for the operating network, and staying within the budget for capital expenditure (CAPEX) for the installation of charging stations in the first phase. With the successful achievement of the agreed milestones, the group has successfully drawn the second stage funding of HKD 51.3 million. The funds will be allocated to its capital expenditure plan to accelerate the development of Spark's EV charging network in Thailand, including expanding the network by adding more than 200 electric vehicle charging stations in major metropolitan and high traffic areas, upgrading supporting software systems, and enhancing local maintenance capabilities to ensure long operational hours and high reliability of services. The withdrawal of the second phase funding marks another important milestone in the group's strategic expansion plan. This progress will help the group continue towards its long-term vision of establishing a comprehensive charging network of up to 1000 stations in Thailand, further solidifying the group's market position as a leading electric vehicle charging service provider in Southeast Asia. The board of directors believes that the rapid deployment of charging infrastructure in Thailand will create long-term value for shareholders and strengthen the group's market position.