Bangkok--Apr 20--SET
The Stock Exchange of Thailand (SET) has approved the listing of Glow Energy Pcl. in the Resources Industry Group, Energy & Utilities Sector, after it successfully offered a total of 440 mln. shares in its initial public offerings at THB24.00 per share.
Executive Vice President of the SET Ms. Sopawadee Lertmanaschai announced that the SET Board of Governors approved the listing of Glow Energy Pcl.’s common shares in the Resources Industry Group, Energy & Utilities Sector, from April 21, 2005, onwards using “GLOW” as their trading symbol.
“GLOW is Thailand’s leading private power producer. It has 3 subsidiaries, specifically Glow SPP 2 Co. Ltd., Glow SPP 3 Co. Ltd, and Glow Co. Ltd. (which has investments in the producers/suppliers of electricity, steam and processed water to industrial customers--Glow SPP 1 Co. Ltd., Glow IPP Co. Ltd., and Glow Demin Water Co., Ltd.). As the businesses of GLOW include a full range of industrial utilities, GLOW can produce and supply electricity, steam and processed water to industrial customers, especially those in the Map Ta Phut Industrial Estate, a large industrial estate that is important to Thailand’s petrochemical industry.
“With support from the Suez-Tractebel Group, the world’s leading energy business operator, and GLOW’s efficient production and management systems, GLOW is well-accepted and has won the confidence of its customers, who require a stable and standardized supplier of electrify and steam. GLOW is becoming notably successful and we believe that it’ll be yet another interesting firm in Thailand’s electricity and steam generating industry,” the SET’s EVP said.
GLOW has THB14.63 bln. (approx. USD365.75 mln.) worth of paid-up capital. This is comprised of 1,462.86 mln. shares (an existing 1,382.86 mln. shares plus an additional 80 mln. shares in capital increase), each with a par value of THB10.00.
In early April, GLOW offered 440 mln. shares (or 30.09% of its total shares after public offering or PO) to the public. These were comprised of 80 mln. shares in capital increase and 360 mln shares of existing shareholders. These PO shares were sold to retail investors during April 4 — 5, and to institutional investors during April 7 — 8, and 11 — 12, 2005, at THB24.00 per share.
The Company also allotted shares in excess of the stated PO amount under the Green Shoe Option. The 66 mln. over-allotted shares have been borrowed from Suez-Tractebel Energy Holdings Cooperatieve U.A by Phatra Securities Pcl., who acts as GLOW’s financial advisor.
As for the use of funds raised, GLOW will spend approximately THB1.9 bln. on its 2nd stage electricity and steam capacity expansion project, which is expected to be completed and ready for commercial operation in January 2006.
As for its dividend payment policy, GLOW will pay out no less than 50% of its net profits each year after reserves, subject to its investment plans and other considerations as deemed appropriate.
On April 18, 2005, GLOW’s board resolved to pay dividends at THB0.70 per share. The total dividend payments will be worth THB1.02 bln. (approx. USD25.5 mln.). Eligible shareholders for this dividend payment must be those whose names which appear in the company’s registration book as of May 13, 2005, at 12:00 hrs.
GLOW’s principal shareholder, as of April 19, 2005, was Suez-Tractebel Energy Holdings Cooperatieve U.A., holding 64.6% of GLOW’s paid-up capital after the PO. Suez-Tractebel also agreed not to sell or transfer any of its shares in GLOW for 1 year from the commencement date of trading, and will maintain its shareholding at not less than 51% of GLOW’s issued shares during the 2-year period after listing.
For more information on Glow Energy Pcl., please browse www.glow.co.th, the SET’s website, www.set.or.th, and SETTRADE.Com’s website, www.settrade.com.
For more information,
please contact the Corporate Communication Dept.:
Ladawan Kantawong Tel: 0-2229-2036
Kulvida Jintakawong Tel: 0-2229-2037
Nattaporn Boonprapa Tel: 0-2229-2049
Watsamon Saowakhonsathien Tel: 0-2229-2797 End.