Bangkok--28 Sep--SET
The Stock Exchange of Thailand (SET) will list BCPG pcl, a renewable power company, on September 28, under the ticker symbol "BCPG". The company has a market capitalization at its initial public offering (IPO) of THB 19.9 billion (approx. USD 568.6 million).
The Stock Exchange of Thailand Senior Executive Vice President Santi Kiranand said that BCPG would list on SET in Resources industry, Energy & Utilities sector. BCPG, a subsidiary of Bangchak Petroleum pcl (BCP), was formed under Bangchak's restructuring plan to put all renewable-power businesses in the group under one umbrella. BCPG operated and supplied renewable energy, while investing in both domestic and overseas renewable energy businesses such as solar power and others. Currently with a generating capacity of 324 megawatts from the plants in Japan and Thailand, the company envisionedopportunity to grow. Therefore this listing was aimed to strengthen its financial capability, enhance competitiveness in long-term business expansion, and create value for the BCP group.
BCPG has a paid-up registered capital of THB 9.95 billion, consisting of 1,400 million existing common shares and 590 million newly issued shares, with a par value of THB 5 each. During September 14-16, 2016 it offered 55.91 million newly issued shares as pre-emptive right to specific group of shareholders; and during September 16, 19-20 it offered 534.09 million newly issued shares to the general public, institutional investors and BCPG's benefactors at THB 10.00 each, for a total of THB 5.9 billion. Kasikorn Securities pcl, Finansa Securities Limited and TISCO Bank pcl were the financial advisors, while Kasikorn Securities pcl, Finansa Securities Limited and TISCO Securities Co., Ltd. were its underwriters.
BCPG Managing Director Bundit Sapianchai said that this listing would strengthen the BCPG group's financial capabilities. The fund raised would be for business expansion in renewable energy business both domestic and overseas markets, in line with the company's mission to invest, develop and operate clean energy globally for sustainable growth.
BCPG's three major shareholders after IPO are Bangchak Petroleum pcl (70.4 percent), Wachiraphong Group (1.4 percent) and Aiyawat Sriwattanaprapa (1.0 percent).The IPO price was set by a book building process, equivalent to price per earnings ratio (P/E ratio) of 10.55 times. BCPG's P/E ratio was calculated by using the company's net profit in the past four quarters (July 1, 2015 –June 30, 2016) divided by fully diluted shares, representing earnings per share of THB 0.95. BCPG's dividend policy is to pay no less than 40 percent of net profits after taxes and reserves.
For more information on BCPG, please see the company's prospectus at the Securities and Exchange Commission's website atwww.sec.or.th and general information at the company's website at www.bcpggroup.com, as well as www.set.or.th.