SET to list B.Grimm Power on July 19

Stocks and Financial Services Press Releases Tuesday July 18, 2017 16:51
Bangkok--18 Jul--SET

The Stock Exchange of Thailand (SET) will list B. Grimm Power pcl, a pioneer of independent power producers (IPPs) in Thailand, on July 19, under the ticker symbol "BGRIM". The company has a market capitalization at its initial public offering (IPO) of THB 40.67 billion (approximately USD 1.2 billion).

SET Senior Executive Vice President Santi Kiranand said that BGRIM would list on SET in the Resources industry, Energy & Utilities sector. BGRIM is a holding company which owns stakes in subsidiaries and joint venture companies engaged in the production and distribution of electricity and steam, including related businesses in both local and overseas markets.

BGRIM has invested in 28 commercially operating power plant projects, generating electricity capacity of 920.1 megawatts and steam capacity of 219.7 tons per hour on equity basis. Its power plants' types comprise combined cycle cogeneration, diesel generator plant and solar power. The company also has 15 power plant projects under construction and development with production capacity of 549.7 megawatts and steam production capacity of 109.8 tons per hour.

BGRIM has a paid-up capital of THB 5.08 billion, consisting of 1.89 billion existing common shares and 651.8 million newly issued shares (excluding over-allotment portion) with a par value of THB 2.00 each. The company offered the newly issued shares to general public, including its directors and executives during July 3-6, 2017; as well as local and international institutional investors during July 11-13, 2017, at THB 16 each for a total of THB 10.4 billion (excluding over-allotment portion). Kasikorn Securities pcl, Bualuang Securities pcl and Phatra Securities pcl are the financial advisors, arrangers and underwriters.

BGRIM Chief Executive Officer Preeyanart Soontornwata said that the listing on SET would enhance capability in expanding full potential of energy business and enable BGRIM to be a part in reinforcing the country's competitiveness via energy security building. The fund raisedwill be used to continuously invest in power plants under the Small Power Producer (SPP) scheme and renewable energy power plants located in both Thailand and other countries in Southeast Asia; for debt repayment; as well as working capital.

BGRIM's three major shareholders after the IPO are Harald Link Group (71.8 percent), CIMB Securities (Singapore) Pte. Ltd. (8.6 percent), and Deutsche Bank AG, Hong Kong Branch (3.9 percent). The IPO price was set by a book building process, equivalent to price-to-earnings (P/E) ratio of 26.0-28.7 times calculated by using the company's net profit in the past 12 months (Q2/2016-Q1/2017), divided by fully diluted shares (excluding over-allotment portion), representing earnings per share of THB 0.58.

BGRIM's dividend policy is to pay no less than 40 percent of adjusted net profit (excluding unrealized loss/gain on foreign currency), as stated in the company's consolidated financial statements, after corporate income tax, legal reserves and liabilities according to loan agreements.

For more information, please see the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th ; and for general information, please visitwww.bgrimmpower.com and www.set.or.th.

Latest Press Release

mai welcomes real estate developer CMC on November 19

Market for Alternative Investment (mai) will list Chaoprayamahanakorn pcl, a leading real estate developer onNovember 19, under the ticker symbol "CMC". The company has a market capitalization at its initial public offering (IPO) of THB 3.00 billion...

KTC - Chilito Mexican Grill - Farm Factory provide members special privileges for payments made using QR Pay in the KTC Mobile app.

Mrs. Pranaya Nithananon, Vice President - Credit Card Business, "KTC" or Krungthai Card Public Company Limited, provides KTC VISA and KTC MasterCard credit card members who make payments through KTC QR Pay in the "KTC Mobile" app worth Bt. 300 or more...

Photo Release: KBank opens new flagship branch and THE WISDOM Lounge at ICONSIAM

Mr. Wirawat Panthawangkul (3rd from left), KBank Senior Executive Vice President, and Ms. Chadatip Chutrakul (4th from left), Director of ICONSIAM Co., Ltd., and Chief Executive Officer of Siam Piwat Co., Ltd., participated in the opening ceremony of...

Photo Release: CIMB Group Joins RippleNet to Power Instant Payments Across ASEAN

Tengku Dato' Sri Zafrul Aziz, Group CEO of CIMB Group (right), and Brad Garlinghouse, Ripple CEO (left) commemorating the strategic collaboration between CIMB Group and Ripple to power instant payments across ASEAN at the Singapore FinTech festival 2018...

CIMB Group Joins RippleNet to Power Instant Payments Across ASEAN

CIMB is one of the first banks to leverage blockchain technology to tap into region's USD120 billion remittance business CIMB Group ("CIMB" or "the Group") and Ripple have entered into a strategic collaboration to enable instant cross border payments...

Related Topics