Bangkok--7 Jan--SET
Market for Alternative Investment (mai), under the Stock Exchange of Thailand (SET) group, will list TPC Power Holding pcl, a renewable energy company on January 8, in Resource Sector under the ticker symbol "TPCH”. The company has a market capitalization at its initial public offering (IPO) of THB 5.1 billion (approx. USD 154.55 million).
mai President Prapan Charoenprawatt said TPCH was a subsidiary of Thai Polycons pcl (TPOLY). TPOLY was a SET listed company raising fund from the capital market to facilitate the company’s growth. After listed, TPCH would be the first company listed on mai under new listing rules for renewable energy company.
TPCH is a holding company mainly invests in seven companies which produce and distribute renewable energy from biomass with a total capacity of 94.8 MW, consisting of 1) Chang Reak Biopower Company Limited which has started selling commercial electricity with a total capacity of 9.2 MW 2) Companies that own contracts to sell electricity to Provincial Electricity Authority. The project is under construction with a total capacity of 17.2 MW 3) Companies that are under licensing and contracting processes with a total capacity of 68.4 MW.
TPCH has a paid-up registered capital of THB 400 million, consisting of 310.55 million existing common shares and 89.45 million newly issued shares, with a par value of THB 1.00. The company offered 50.39 million newly issued shares to TPOLY’s shareholders during November 23-25, and 39.06 million shares to the general public via IPO during December 24-26 at THB 12.75 each for a total of THB 1.14 billion. Trinity Securities Co.,Ltd is its financial advisor and underwriter.
TPCH Managing Director Cherdsak Wattanavijitkul said that the fund raised would be used for business expansion, construction, renewable energy plant operation and as working capital. The company would mainly invest in biomass-energy plant as it is the core business with know-how and expertise. Furthermore, the company would conduct feasibility studies on investing in other renewable energy plants both in Thailand and overseas.
TPCH's three major shareholders after the IPO are TPOLY (51.39 percent), Akom Kijvanijprasert (4.89 percent) and Chaipatr Plitthongthanarat (3.89 percent). The IPO price was equivalent to price per earnings ratio (P/E ratio) of 159.40 times, calculated by using the company's net profit in the past four quarters (Q4 2013 - Q3 2014) divided by fully diluted shares, 401.20 million shares after the listing (including ESOP warrants), representing earnings per share of THB 0.08. TPCH's dividend policy is to pay no less than 40 percent of net profits after taxes and reserves. For more information on TPCH, 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.tpcpower.co.th , as well as www.mai.or.th.
Members of the media should contact the Public Relations Unit, Corporate Communications Dept.: Arada Kultawanich, tel: +66 (0) 2229 2796/ Kanokwan Khemmalai, tel: +66 (0) 2229 2048 .