Thailand-based Ua Withya Plc (UWC), a listed manufacturer and trader of industrial equipment, is to spend 22 million baht ($0.67 million) on acquiring a 55 per cent stake in Oscar Save The World Company, an operator of 9.9 megawatt biomass power plant. The Board of Capital Engineering Network (CEN), a major shareholder in UWC, disclosed that this will be the first time the company' will be investing in the renewable energy business, which has high potential to grow and gives UWC at least 6 per cent return on investment. The 9.9-megawatt power plant is in the process of being constructed and is expected to be completed in this quarter. It has already signed the contract to start selling 8.8 megawatts to Provincial Electricity Authority in the end of November this year, which minimizes the risk for UWC’s investment. The funds for this deal, will come from the company’s working capital and the proceeds. Last month, CEN has approved UWC to sell 100-per-cent stake in Imperial Land to EMC Public Company Limited to cut loss and increase UWC’s financial liquidity. UWC will receive 278.8 million baht ($8.45 million) from this deal, of which 134.8 million baht ($4.08 million baht) will be from the selling of the stake and the rest from share subscription receivable and its transfer of the right to receive debt repayment and accrued interest to EMC. After the transaction is completed in this quarter, UWC will keep some parts as its working capital and repay the debt to CEN. As of December 22, 2014, UWC owed CEN for 145 million baht ($4.39 million), excluding the interest of 3.63 million baht. UWC’s stock price today opened at 28 baht apiece, down from 28.75 baht from the closing price yesterday.