SET to list WHA Utilities and Power on April 10

Stocks and Financial Services Press Releases Monday April 10, 2017 11:10
Bangkok--10 Apr--SET

The Stock Exchange of Thailand (SET) will list WHA Utilities and Power pcl, a fully integrated utilities and power generation services provider, on April 10, under the ticker symbol "WHAUP". The company has a market capitalization at its initial public offering (IPO) of THB 20 billion (approx. USD 573.7 billion).

SET Senior Executive Vice President Santi Kiranand said that WHAUP would list on SET in the Resources industry, Energy & Utilities sector. WHAUP provides fully integrated utilities services for industries in Hemaraj Land and Development pcl (Hemaraj group), producing and distributing industrial water, as well as providing wastewater treatment services, under a 50-year exclusive right. The company also invests in power-generating business in Thailand and overseas, with total commercially operating power generating capacity, in proportion to its investment, of 350 megawatts (MW) and plans to expand to 540 MW by early 2019. WHAUP was a result of the restructuring plan of WHA group and Hemaraj group to spin off their utility and energy businesses.

WHAUP has a paid-up registered capital of THB 3.83 billion, consisting of 640 million existing common shares and 125 million newly issued shares, with a par value of THB 5.00 each. It offered altogether 229.50 million shares (vendor and newly issued shares) at THB 26.25each, for a total of THB 3.28 billion, consisting of 57.29 million shares to eligible WHA existing shareholders during March 22-24, 2017; 57.46 million shares to underwriters' and company's benefactors during March 22-28; and 114.75 million shares to domestic and foreign institutional investors during March 30-31 and April 3.The Siam Commercial Bank pcl is the financial advisor, while SCB Securities Co., Ltd. is its underwriter.

WHAUP Chief Executive Officer Wisate Chungwatana, said that this listing and fund raised would strengthen WHAUP's business capabilities. The fund raised would be used for business expansion including utility business, product diversification to meet customers' needs, power plant project under construction, as well as alternative energy business in developing process, such as solar roof on warehouses, including factories for rent under the management of WHA group and the waste-to-power energy project. This would reinforce the firm's leading position in the fully integrated utility and energy business.

WHAUP's three major shareholders after IPO are Hemaraj Land and Development pcl (70.00percent), Somyos Anantaprayoon and Jareeporn Jarukornsakul Group (3.54 percent) and CLSA Limited (3.40 percent). The IPO price was set by a book building process, equivalent toprice-to-earnings ratio (P/E ratio) of 20.75 times calculated by using the company's net profit (referencing consolidated financial statement by management) in the past four quarters (Q1/2016-Q4/2016), divided by fully diluted shares, representing earnings per share of THB 1.265. WHAUP's dividend policy is to pay no less than 40 percent of net profit, from the company's consolidated financial statement, after taxes and reserves.

For more information on WHAUP, please see the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th ; and for general information, please visit www.wha-up.com, as well as www.set.or.th.


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