Bangkok--1 Nov--MT Multimedia
'Gulf Energy Development', one of Thailand's largest independent power producers, is preparing for its initial public offering (IPO) of up to 533.30 million shares, after receiving approval from the SEC. The shares are expected to be registered on the Stock Exchange of Thailand by the end of this year. The Management is confident that with the Company's operational capability and potential, it will be able to meet the constantly increasing demand of electricity consumption in Thailand.
Mrs. Porntipa Chinvetkitvanit, President of Gulf Energy Development Public Company Limited ("GULF" or "the Company"), stated that GULF is a holding company with a portfolio of electricity, steam and chilled water generating power projects and other related businesses. The company operates gas-fired power projects and rooftop solar projects with a total installed capacity of 4,772.1 MW as of November 1, 2017.
"We have extensive experiences and expertise in the industry and strong partnerships for power plant development. We aim to become one of the leading gas-fired independent power producers in the region," said the President.
GULF's financial advisors, namely, Kasikorn Securities Public Company Limited, The Siam Commercial Bank Public Company Limited and Bualuang Securities Public Company Limited, revealed that the Office of the Securities Exchange Commission (SEC) had approved GULF's application for the initial public offering (IPO) of up to 533.30 million of ordinary shares.
The IPO proceeds will be used to fund the Company's equity contributions and provide loans to its subsidiaries and associates and other companies as well as to invest in its future projects. The remaining will be used for repayment of indebtedness to commercial financial institutions, redemption of debentures and/or bills of exchange issued by the Company and for the Group's working capital and other general corporate purposes.
Currently, GULF's registered capital stands at 10,666.50 million baht, comprising 2,133.30 million of ordinary shares at a par value of 5 baht each. The authorised and paid-up capital stands at 8,000.00 million baht, comprising 1,600.00 million of ordinary shares. The IPO of up to 533.30 million shares represents up to 24.99% of the Company's post-IPO authorised and paid-up capital.