Bangkok--30 Oct--SET
Market for Alternative Investment (mai), under The Stock Exchange of Thailand (SET) group, will list Thai Solar Energy pcl, a producer and distributor of electricity from solar energy., on October 30, under the ticker symbol "TSE." The company has a market capitalization at its initial public offering (IPO) of THB 7.08 billion (approx. USD 218 million).
mai President Prapan Charoenprawatt said TSE, an associated company of SET-listed Wave Entertainment pcl (WAVE), had market capitalization of over THB 1 billion, as such it met the listing criteria and qualified to list on mai. At its IPO, the company had THB 7.08 billion market cap.
TSE produces and distributes solar energy with production capacity of 98.5 megawatts, from its three plants: 1. The 4.5-megawatt solar thermal power plant 2. The 80-megawatt solar pv farm power, a joint venture with Global Power Energy Co., Ltd. and an electronic company of PTT group in 60:40 proportion and 3. The 14-megawatt solar commercial rooftop which expects that achieve COD within 2014.
It has a paid-up registered capital of THB 1.82 billion, consisting of 1,365 million existing common shares and 450 million newly-issued shares, with a par value of THB 1.00. Of the new shares issued for initial public offering (IPO), 175 million shares were offered to institutional investors, 253 million shares for the general public, and 22 million shares for WAVE, during October 21-22 and 24, 2014, at THB 3.90 each for a total of THB 1.76 billion. Bualuang Securities co.,ltd is its financial advisor with SCB Securities Co., Ltd. as lead underwriter.
Cathleen Maleenont, TSE's CEO, said that the fund raised would be used to expand business domestically and internationally, mainly for power plant from renewable energy project, debt repayment and working capital to meet higher demand of electricity. This is in line with the government’s plan to enhance power production from renewable energy and for its long-term revenue and profit plan.
TSE's three major shareholders after the IPOs are Cathleen’s Group (63.4 percent), Key Essential Overseas Limited (4.6 percent) and Treevit Rujichaladol (2.2 percent). The IPO price was set through a booking building process at a range of THB 3.50-3.90 per share. TSE's dividend policy is to pay no less than 40 percent of net profits after taxes and reserves.
Starting from the first trading day of 2015, mai will announce the launch of eight industry groups categorizing from their business aspects, and TSE will then be classified into Resource sector. For more information on TSE, please see the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th and general information at the company's website at www.thaisolarenergy.com , as well as www.mai.or.th .