Thai bourse to list Banpu Power on October 28

Stocks and Financial Services Press Releases Thursday October 27, 2016 16:45
Bangkok--27 Oct--SET

The Stock Exchange of Thailand (SET) will list Banpu Power pcl, a companyinvesting in domestic and overseas power generating businesses, on October 28, under the ticker symbol "BPP". The company has a market capitalization at its initial public offering (IPO) of THB 63.96 billion (approx. USD 1.83 billion).

SET Senior Executive Vice President Santi Kiranand said that BPP would list on SET in Resources industry, Energy & Utilities sector. BPP, a subsidiary of Banpu pc, has been formed under Banpu's restructuring to group power businesses under one umbrella. BPP has invested in power businesses, both coal power plants and renewable plants, in many countries. As the company envisioned continuous growth opportunities, this listing was aimed to strengthen its financial capability, enhance competitiveness in long-term business expansion, and create value for the BPP group.

BPP, with the totalpower-generating capacity of 1,913 megawatts based on its investment, consisting of 1,711.2megawatts from coal power plants, 813 tons/hour of steam, as well as 56.6 megawatts from solar power plants.

BPP has a paid-up registered capital of THB 30.46 billion, consisting of 2,397.19 million existing common shares and 648.49 million newly issued shares, with a par value of THB 10.00 each. During October 10-13, 2016, it offered 210 million newly issued shares as a pre-emptive right to specific groups of shareholders; and during October 18-20, it offered 438.49 million newly issued shares to the general public and institutional investors at THB 21.00 each, for a total of THB 13.62 billion. Thanachart Securities pcl, Bualuang Securities pcl and The Quant Group Co., Ltd. arethe financial advisors, while Kasikorn Securities pcl, Thanachart Securities pcl and Bualuang Securities pcl are its underwriters.

BPP Chief Executive Officer Voravudhi Linananda said that this listing would strengthen the BPP's financial capabilities. The fund raised will be for debt payment, business expansion in power business both domestic and overseas markets, in line with the company's mission to expand both conventional and renewable power businesses in Asia, using the most efficient technologies available for sustainable growth, while respect for the natural environment, in order to create sustainable value for shareholders and stakeholders. In addition, the company aims to increase its equity-based power generation capacity to 4,300 megawatts-equivalent in total, by 2025.

BPP's three major shareholders after IPO are Banpu pcl (78.71 percent), Credit Suisse (Singapore) Limited (5.35 percent) and The Vongkusolkit Family (0.91 percent). The IPO price was set by a book building process, ranging between THB 18.00 and THB 21.00 per share, equivalent to price per earnings ratio (P/E ratio) of 13.72-16.01 times. BPP's P/E ratio was calculated by using the company's net profit in the past four quarters (July 1, 2015 - June 30, 2016) of THB 3.996 billion divided by fully diluted shares. BPP's dividend policy is to pay no less than 50 percent of net profits after taxes and reserves.

For more information on BPP, please see the company's prospectus at the Securities and Exchange Commission's website at and general information at the company's website at , as well .

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