Bangkok, July 18, 2017 – The Stock Exchange of Thailand (SET) will list B. Grimm Power pcl, a pioneer of independent power producers (IPPs) in Thailand, on July 19, under the ticker symbol “BGRIM”. The company has a market capitalization at its initial public offering (IPO) of THB 40.67 billion (approximately USD 1.2 billion).
SET Senior Executive Vice President Santi Kiranand said that BGRIM would list on SET in the Resources industry, Energy & Utilities sector. BGRIM is a holding company which owns stakes in subsidiaries and joint venture companies engaged in the production and distribution of electricity and steam, including related businesses in both local and overseas markets.
BGRIM has invested in 28 commercially operating power plant projects, generating electricity capacity of 920.1 megawatts and steam capacity of 219.7 tons per hour on equity basis. Its power plants’ types comprise combined cycle cogeneration, diesel generator plant and solar power. The company also has 15 power plant projects under construction and development with production capacity of 549.7 megawatts and steam production capacity of 109.8 tons per hour.
BGRIM has a paid-up capital of THB 5.08 billion, consisting of 1.89 billion existing common shares and 651.8 million newly issued shares (excluding over-allotment portion) with a par value of THB 2.00 each. The company offered the newly issued shares to general public, including its directors and executives during July 3-6, 2017; as well as local and international institutional investors during July 11-13, 2017, at THB 16 each for a total of THB 10.4 billion (excluding over-allotment portion). Kasikorn Securities pcl, Bualuang Securities pcland Phatra Securities pcl are the financial advisors, arrangers and underwriters.
BGRIM Chief Executive Officer Preeyanart Soontornwata said that the listing on SET would enhance capability in expanding full potential of energy business and enable BGRIM to be a part in reinforcing the country’s competitiveness viaenergy security building. The fund raised will be used to continuously invest in power plants under the Small Power Producer (SPP) scheme and renewable energy power plants located in both Thailand and other countries in Southeast Asia; for debt repayment; as well as working capital.
BGRIM’s three major shareholders after the IPO are Harald Link Group (71.8 percent), CIMB Securities (Singapore) Pte. Ltd. (8.6 percent), and Deutsche Bank AG, Hong Kong Branch (3.9 percent). The IPO price was set by a book building process, equivalent to price-to-earnings (P/E) ratio of 26.0-28.7 times calculated by using the company’s net profit in the past 12 months (Q2/2016-Q1/2017), divided by fully diluted shares (excluding over-allotment portion), representing earnings per share of THB 0.58.
BGRIM’s dividend policy is to pay no less than 40 percent of adjusted net profit (excluding unrealized loss/gain on foreign currency), as stated in the company’s consolidated financial statements, after corporate income tax, legal reserves and liabilities according to loan agreements.
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For more information, please see the company’s prospectus at the Securities and Exchange Commission’s website at www.sec.or.th ; and for general information, please visit www.bgrimmpower.com and www.set.or.th.
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