Thailand: WHA Utilities and Power files for IPO

Thailand: WHA Utilities and Power files for IPO

Thailand based warehouse and industrial estate developer WHA Corporation has
submitted the first filing to sell 229.5 million shares of its subsidiary
WHA Utilities and Power PCL (WHAUP) in an initial public offering (IPO).

Of the total IPO shares, up to 125 million shares will be offered to the
public and the remaining 104.5 million shares to the existing shareholder
H-International (SG) Pte Ltd, the comapny said in the papers filed with the
exchange.

WHA's chief executive Jareeporn Jarukornsakul said it would use the proceeds
from the IPO for the expansion of its utilities and energy business in the
future as well as for the debt repayment.

Siam Commercial Bank is a financial advisor and SCB Securities is the lead
underwriter.

WHAUP is an infrastructure and utilities developer, including water
production and water treatment, in the industrial estates. It has currently
made joint ventures with Gulf Group, Glow Group, BGrimm Power and Gunkul
Engineering Pcl.

Currently, it holds the stakes in 12 operating power plants and has the
electricity capacity of 319.29 megawatts regarding its shareholding.

Meanwhile, it is co-constructing six power plant projects with total
combined electricity capacity of 775 megawatts, of which 319.29 megawatts
belongs to WHAUP.

According to the filing, WHAUP reported total revenue of 2.87 billion baht
($82.23 million) and the net profit of 1.22 billion baht ($34.95 million) in
2015, lower than total revenue of 3.18 billion baht ($91.11 million) and the
net profit of 1.56 billion baht ($44.7 million) in 2014.

In the first six months, it generated 1.72 billion baht in revenue and
894.32 million baht in net profit.

As of the end of June, WHAUP's asset was worth 18.48 billion baht and debt
worth 11.09 billion baht.

Hemaraj Land and Development Pcl, acquired by WHA Corp, holds 82.31 per cent
in WHAUP and H-International (SG) Pte Ltd holds the rest 17.69 per cent.
After the IPO completion, Hemaraj will dilute its stake to 68.86 per cent
and H-International to 1.14 per cent.

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Ref:
http://www.dealstreetasia.com/stories/thailand-wha-utilities-power-files-ipo
-53916/

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com