mai welcomes Sermsang Power Corporation on September 27

Stocks and Financial Services Press Releases Tuesday September 26, 2017 18:21
Bangkok--26 Sep--SET

Market for Alternative Investment (mai) will list Sermsang Power Corporation pcl, a holding company investing in solar power production and distribution, on September 27, under the ticker symbol "SSP". The company has a market capitalization at its initial public offering (IPO) of THB 7.1 billion (approx. USD 208.8 million).

mai President Prapan Charoenprawatt said that SSP would list and start trading on mai in the Resources industry group. SSP is a holding company that invests in companies that generate and sell electricity from renewable energy and other related businesses in Thailand and overseas.

SSP has invested in 100 percent stake in two solar plant projects in Thailand: 1) Sermsang Solar in Lopburi province, a commercially operated project that started the operation since February 2015 with contracted capacity of 40 megawatts; 2) Solar WVO Project in Ratchaburi province which is being developed, to be constructed, with contracted capacity of 5 megawatts, and expected to start commercial operation by Q4/2018. Moreover, The company has 86.9–100 percent investment in five solar plant projects in Japan with a total contracted capacity of 93 megawatts, expected to launch commercial operation of 23 megawatts in 2018 and 70 megawatts in 2020. In addition, SSP also invests in two solar rooftop plants in Thailand with total installed capacity of 1.4 megawatts, expecting to start commercial operation by this coming Q4/2017.

SSP has a paid-up capital of THB 922 million, consisting of 691.63 million existing common shares and 230.38 million newly issued shares with a par value of THB 1.00 each. The company offered the newly issued shares to general public via IPO during September 18-20, 2017, at THB 7.70 each for a total of THB 1.77 billion. In addition, Unity I. Capital Limited, its major shareholders also offered 46 million existing common shares at the same price. Kasikorn Securities pcl is the financial advisor and lead underwriter.

SSP Chief Executive Officer Varut Tummavaranukub said SSP has been constantly developing various projects, employing advanced technology and quality equipment, while focusing on the most suitable plant locations. In addition, SSP also has the policy to invest in power plants using other renewable energy resources such as wind, biofuel, biomass and wastes in Thailand and other countries especially in Asia. The fund raised would be used for debt repayment and as working capital, and investing in renewable energy projects under the operation or other future projects of the company and/or the subsidiaries.

SSP's three major shareholders after the IPO are Kraipisitkul Family (70.02 percent), Bank of Singapore Limited (1.03 percent), and TISCO Master Pooled Fund (0.44 percent). The IPO price was set by a book building process, equivalent to price-to-earnings (P/E) ratio of 18.3times calculated by using the company's net profit in the past four quarters (July 1, 2016-June 30, 2017), divided by fully diluted shares, representing earnings per share of THB 0.4210. SSP's dividend policy is to pay no less than 40 percent of net profit, after corporate income tax and reserves.

For more information, please see the company's prospectus at the Securities and Exchange Commission's website at; and for general information, please and

Latest Press Release

CPFs sales revenue reach Bt 541 billion, showing an 8% annualized growth Overseas businesses contributed 67%

Charoen Pokphand Foods PLC (CPF), one of the world's leading agro-industrial and food conglomerates with investment in 17 countries, posted Bt541,937 million in sales revenue in 2018 and Bt15,531 million in net profits. Mr.Sooksunt Jiumjaiswanglerg,...

KBank implements Nan Cultivation of Wisdom project to promote new ways of learning among youths

In continual support of the "Cultivation of Wisdom" project, KBank has joined hands with the University of Phayao to implement the "Nan Cultivation of Wisdom" project at 30 selected schools in Nan province, beginning in the 2019 academic year. With the...

Photo Release: KBank supports the Nan Cultivation of Wisdom project

Recently, at KBank Phahon Yothin Building, Dr. Adit Laixuthai, right, Senior Executive Vice President of KASIKORNBANK, and Assoc. Prof. Samur Thanoi, left, Ph.D., Acting Vice President for Research and Innovation, University of Phayao, recently signed an...

ZEN undergoes 1st trading day, confident in strong fundamentals, aims for food service leadership in Thailand, to add owned, franchised restaurants

ZEN underwent its first trading day in the stock market. Drawing its strengths from the variety of restaurant brands and the potential to grow through expansion of franchise and connected businesses, it is working to increase the number of restaurants by...

ADNOC Assigned AA+ Standalone and AA Long-Term Issuer Default Credit Rating by Fitch

- Ratings are the highest currently assigned by Fitch to any oil and gas company, globally - Best-in-sector ratings highlight ADNOC's high upstream output and significant reserves, strong profitability, commercially-focused business model, downstream...

Related Topics