CORNERSTONE TEC Holdings (08391) has announced an update regarding its significant transaction involving the subscription of ordinary shares in the Thai joint venture, Spark EV Company Limited ("Spark"). Spark has successfully completed its first phase of development, having met the following pre-agreed milestones: the installation of 240 electric vehicle (EV) charging stations in Thailand has been finalized; the operational network has achieved an average utilization rate of 9%; and the capital expenditure for the charging points installed in Phase 1 remained within the allocated budget. With the group having successfully fulfilled these milestones, it has now drawn down the second-stage funding amounting to HKD 51.3 million. The proceeds from this funding will be allocated to its capital expenditure plan, aimed at accelerating the development of Spark's EV charging network in Thailand. Specific uses will include: Network Expansion: Adding more than 200 new EV charging stations in key metropolitan areas and locations with high traffic flow. Infrastructure Enhancement: Upgrading supporting software systems and strengthening on-site maintenance capabilities to ensure the service maintains high uptime and reliability. The drawdown of the second-stage funding marks another significant milestone in the group's strategic expansion plan. This progress will assist the group in continuing towards its long-term vision of establishing a comprehensive network of 1,000 charging stations in Thailand, further solidifying its market position as a leading EV 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 standing in the market.
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