Thai refiner Bangchak's solar unit IPO to raise up to $170 mln

Thai refiner Bangchak's solar unit IPO to raise up to $170 mln

BCPG Pcl, the solar power unit of Thai oil refiner Bangchak Petroleum Pcl,
could raise up to 5.9 billion baht ($170 million) from an initial public
offering this month, the company said on Tuesday.

BCPG is planning to sell 590 million shares, or a 29.6 percent stake, in the
offering. The stock is expected to be priced within a range of 9.8 to 10.0
baht per share, the company said in a statement.

The final price is expected to be fixed early next week, said Manpong
Senanarong, managing director of Kasikorn Securities, a lead underwriter of
the IPO.

The offer will be open for subscription between Sept. 14-16 and Sept. 19-20,
and the stock is expected to list on the Thai bourse this month, he said.

The company planning to use the IPO proceeds to fund an expansion, he added.

BCPG operates solar power plants with total capacity of 130 megawatts in
Thailand and 194 MW in Japan, and aims to boost the capacity to 1,000 MW by
2020, President Bundit Sapaianchai said.

The company is also looking to join with partners at home and abroad to
invest in other renewable power businesses, he said.

Besides Kasikorn Securities, Tisco Securities and Finansa Securities are
also serving as lead underwriters.

KGI Securities Pcl, KT ZMICO Securities, Maybank Kim Eng Securities
(Thailand) Pcl and Finansia Syrus Securities are co-underwriters.

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Ref:
http://www.reuters.com/article/bangchak-ptrlum-renewables-ipo-idUSL3N1BI22K?
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-0zPT9SbLdd5VZ_DpshFTnKELA6w4kjdpWP9l8wsw&_hsmi=33853448

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com