Bangkok--3 Aug--MT Multimedia
BCPG Plc. ("BCPG"), a renewable power producer and supplier, has highlighted its vision to collaborate with local and international partners to be 'The World's Greenergy Iconic Creator' with a plan to expand its renewable power business both locally and internationally. BCPG is prepared to be listed on the Stock Exchange of Thailand (the "SET") in 2016 and to offer up to 590 million IPO shares to finance the local and international expansions with the target to raise the aggregate installed capacity to 1,000 MW by 2020. Currently, the Office of Securities and Exchange Commission (the "SEC") is reviewing BCPG's application for IPO.
Mr. Bundit Sapianchai, President of BCPG, a renewable power producer and supplier, revealed that BCPG, a member of Bangchak Petroleum Plc. ("BCP") Group, was established as a result of the restructuring of BCP group's renewable power business to accommodate future expansions in renewable power business. BCPG has taken over the businesses and assets by acquiring the 38 MW solar power plant in Bang Pa-in district, Phra Nakhon Si Ayutthaya province, and all shares in BCP's subsidiaries that engage in renewable power business.
BCPG aims to introduce various eco-friendly renewable power solutions and endeavors its vision, together with local and international partners, to be 'The World's Greenergy Iconic Creator' by creating innovative renewable power using environmental friendly technologies to make the world greener and more sustainable. BCPG aims to be an international producer and supplier of renewable power, and to invest in firms producing and supplying renewable power to present new solutions of clean power to the world.
'Our ambition is to become an international producer and supplier of renewable power by partnering with local and international firms and organizations to co-develop new renewable power sources with creativity to raise the standard of living for all people, through investments in renewable energy power plants, including solar, geothermal, wind-energy, biogas, biomass and waste-to-energy power plants, that employ advanced, eco-friendly technologies to ensure sustainable growth," he added.
BCPG has great potential to expand its investments in renewable power plant projects both locally and internationally. Having been equipped with highly qualified personnel with experience and expertise in the renewable power business, as well as access to financial resources, BCPG will be able to maintain its competitiveness in the business.
BCPG has a flexible policy for investment in renewable power plant projects, ranging from investment through its subsidiaries, co-investing with partners to develop renewable power plant projects, or full or partial shares acquisition in renewable power plant projects that have begun commercial operation or those in development or construction phase. By 2020, BCPG targets to raise the aggregate installed capacity to 1,000 MW.
At the present, BCPG has solar power plant projects in Thailand with an aggregate contracted capacity of 130 MW, consisting of projects that have begun commercial operation (118 MW) and projects in development phase (12 MW). In addition, BCPG also has solar power plant projects in Japan with an aggregate contracted capacity of 194 MW, consisting of projects that have begun commercial operation (20 MW) and projects in development phase (174 MW).
Mr. Panop Ansusinha, Investment Banking Business Division Head, Representative of Kasikorn Securities Public Company Limited, as financial advisor and co-lead underwriter, noted that BCPG had submitted the registration statement, draft prospectus and application for public offering ("IPO Application") to the SEC and the Stock Exchange of Thailand since 29 March, and the SEC started counting day 1 for both the draft prospectus and the IPO Application on 26 July.
Mr. Paiboon Nalinthrangkurn, CEO, Tisco Securities Company Limited, as co-lead underwriter, stated that, upon approval of the IPO Application and the draft prospectus becomes effective, the financial advisors and BCPG will set a suitable date to offer for sales of the IPO shares. He expressed confidence that BCPG's extensive experience and great expertise in renewable power business will allow BCPG to win trust from the investors and attract their interest in the IPO shares.
Mr. Varah Sucharitakul, Executive Director, Finansa Securities Limited, as financial advisor and co-lead underwriter, added that BCPG will offer up to 590 million IPO shares, or up to 30% of BCPG's post-IPO authorised and paid-up capital. BCPG will allot (i) up to 68.85 million shares (11.69% of the IPO shares) to be offered to BCP's existing shareholders (Pre-emptive Right) and (ii) the remainder to the public with any balance after the allotment to honour the pre-emptive rights will also be reassigned to (ii) for subscription by the public.
BCPG's registered capital currently stands at THB 10 billion, divided into shares with a par value THB 5 each, with the authorized and paid-up capital of THB 1.4 billion.
BCPG produces and supplies renewable power as well as invests in renewable power business both locally and internationally, and both directly and through 50 subsidiaries, including 8 Thailand-incorporated companies and 42 foreign-incorporated companies that operate solar power plants in Japan. According to its plan, BCPG will use the funds raised from the IPO to finance renewable power business expansion both domestically and internationally, as well as to repay loans from financial institutions and to use as working capital.