Thailand: Banpu Power shares priced B21

Thailand: Banpu Power shares priced B21

Banpu Power Plc has priced its 648.5 million initial public offering (IPO)
shares at 21 baht per share, which are scheduled to start trading on Oct 28.

Somruedee Chaimongkol, president and chief executive of SET-listed Banpu
Plc, a coal miner and the parent of Banpu Power, said the price was the
highest of its expected range of 18-21 baht per share.

She said details of the share price were filed with the Securities and
Exchange Commission.

Some 210 million shares will be offered to eligible Banpu shareholders,
while the remaining 438.5 million will be set aside for public and
institutional investors.

Two institutional investors have already booked purchases of a combined 110
million shares.

Banpu Power expects to raise 11.7-13.6 billion baht in funds from the IPO,
which will reduce Banpu Power shares held by parent Banpu to 78% from 100%.

Banpu Power has earmarked 10 billion baht from the IPO to repay debt to
Banpu, which would help unwind most of the former's debt.

The rest of the funds from the IPO will be used as operating cash and to
increase power-generating capacity to 4,300 megawatts by 2020. The company
plans to set aside US$700-750 million to reach its 2020 goal.

For the short term, Banpu Power aims to raise its capacity to 2,400MW by
2018 through acquisition of a 90MW solar farm in China and an 88MW solar
farm in Japan.

It expects to add more capacity from a 1,320MW coal-fired power plant in
China and a 1.5MW solar rooftop project in Thailand.

In order to reach the 4,300MW target in 2020, the company is seeking new
investment in Asia, particularly Indonesia, the Philippines and Vietnam. It
is also interested in other renewable energy sources, including biomass,
wind farms and solar farms in those countries.

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Ref:
http://www.bangkokpost.com/business/news/1111085/banpu-power-shares-priced-b
21

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John Diecker
APT Consulting Group Co., Ltd.

www.aptthailand.com