Bangkok--4 Dec--MT Multimedia
Gulf Energy Development, one of Thailand's major independent power producers, will have its first trading day on 6 December. An enthusiastic welcome from institutional and retail investors is expected due to confidence in the company's plan for the gas-fired power generation and supply business to raise total installed production capacity by 6,353.6MW to 11,125.6MW by 2024.
Mr. Sarath Ratanavadi, chief executive of Gulf Energy Development Public Company Limited ("GULF"), one of Thailand's major independent power producers, revealed that, after the initial public offering (or IPO) of up to 533.30 million capital-increase ordinary shares with a par value of THB 5.0 per share at the final price of THB 45 per share, GULF will float the shares (ticker symbol: GULF) on the Stock Exchange of Thailand (SET) on 6 December, and that the shares have drawn enthusiastic response from local and international institutional investors, as well as from retail investors.
After the first trading day, GULF will proceed to ensure successful implementation of its plans by using the funds raised by the IPO (i) to finance timely completion of gas-fired and biomass power plant construction and an increase in total installed production capacity by 6,353.6MW by 2024, from the current level of 4,772.1MW (which is contributed by the existing gas-fired power plant and solar rooftop projects that have begun commercial operation); (ii) to repay loans; and (iii) as working capital.
"We will employ our business experience and expertise in developing the planned power plant projects jointly with our partners, in order to secure regional leadership among major independent power producers, said Mr. Sarath.
Kasikorn Securities Public Company Limited, SCB Securities Co., Ltd. and Bualuang Securities Public Company Limited, as Co-Lead Underwriters, added that GULF is a major gas-fired power producer with a strong management team and staff who possess more than two decades' experience, as well as technical know-hows and hands-on experience developing power plant projects, including bidding, construction and efficient operation of power plants, which have been translated into stable revenues from the commercial and contracted supply of power to Electricity Generation Authority of Thailand (EGAT) and industrial clients. They expressed confidence that the company will meet the scheduled completion targets for the construction of new gas-fired power plants and for commercial supply of more power, which will further enhance its future performances.