Cornerstone Technologies hits first‐phase targets in Thai EV charging JV; initiates HK$51.30 million Tranche 2 deployment

Bulletin Express04-02

Cornerstone Technologies Holdings Limited announced that Spark EV Company Limited, its Thailand joint venture, has completed all Tranche 1 milestones and secured the next round of project funding.

Key achievements under Tranche 1 • Installation of 240 electric-vehicle (EV) charging stations across Thailand. • Average network utilisation rate reached 9%. • Capital expenditure remained within the agreed budget.

Tranche 2 funding details Following milestone completion, the Group has drawn down Tranche 2 financing of HK$51.30 million. The proceeds will be directed toward: • Adding more than 200 additional EV charging stations, focusing on metropolitan and high-traffic locations in Thailand. • Upgrading software infrastructure and expanding local maintenance capacity to safeguard service uptime and reliability.

Strategic trajectory Management reiterated the long-term objective of building a 1,000-station charging network in Thailand, positioning the Group for broader Southeast Asian market leadership. Shareholders and potential investors are advised to exercise caution when dealing in the company’s shares.

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