SET Senior Executive Vice President Manpong Senanarong said that TGE would list and start trading on SET in the Resources industry group, Energy & Utilities sector.
TGE currently has three commercially operated biomass power plants with a total installed capacity of 29.7 megawatts, using empty palm bunches, palm fibers and agricultural residues as raw materials. The plants are located in Tha Chang district, Surat Thani province in the southern part of Thailand. Moreover, there are three other community waste power plants under development with a total installed capacity of 22 megawatts.
TGE has a registered paid-up capital of THB 1.10 billion, consisting of 1.60 billion existing common shares and 600 million newly issued shares, with a par value of THB 0.50 each. It offered the newly issued shares to individuals at the underwriters' discretion, institutional investors, the company's patrons, including directors, executives, employees of the company and subsidiaries during August 9 - 11, 2022 at THB 2.00 each, for a total of THB 1.20 billion. KGI Securities (Thailand) pcl is its financial advisor and Asia Plus Securities Co., Ltd. is the lead underwriter.
TGE Chief Executive Officer Sakda Siriphattrasophon said that the listing on SET will enable the company to achieve the goal of business expansion and investments related to renewable energy and new energy alternatives with an aim to increase the installed capacity of the group's power plants to over 100 megawatts by the year 2027. In addition, this will boost the opportunities to seek business partners that can generate sustainable growth and profits. The proceeds from the fundraising will mainly be used for the construction of three community waste power plants currently under development and expected to start feeding power into grid by 2024.
TGE's major shareholder after the IPO is Wanasuwannakul family (72.7 percent). The company's dividend policy is to pay no less than 30 percent of net profit from the company's separate financial statement after corporate income tax, legal reserves and obligations under the loan agreement, the operating results, financial position, financial liquidity and the necessary expenditure for business management and expansion, and the economic conditions.
Investors and interested parties please see more details from the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th; and for general information, please visit www.tge.co.th as well as www.set.or.th.
Source: The Stock Exchange of Thailand