Sermsang Power Corporation, Thai alternative energy producer, plans to sell 276.38 million shares, equivalent to 30 per cent of the total registered capital, in an initial public offering (IPO) in Thailand.
It submitted the first filing to the Office of Securities and Exchange Commission on January 31 and is to be listed on the Market for Alternative Investment.
Of the total IPO shares, the newly issued shares will not exceed 230.375 million shares and the existing shareholders sell out will not exceed 46 million shares, the filing said.
In the filing, the company said that the IPO proceeds will be used to expand the business domestically and internationally and repay the loan over the next three years.
Currently, Sermsang Power has operated a solar energy farm with the installed capacity of 52 megawatts in Lopburi province and made a joint venture in a solar farm with the installed capacity of 21 megawatts in Japan under the GK-TK scheme.
The project in Japan, with total investment of 7.82-8.32 billion yen, remains under the construction. It is scheduled to commence a commercial operation in the first quarter of next year.
According to the filing, it has a registered capital of 922 million baht, divided into 922 million shares at the par value of 1 baht. It reported the revenue of 660 million baht and the net profit of 385.6 million baht for the first nine months of last year.
Primary Energy Co Ltd, the major shareholder, makes up for 40 per cent, followed by Unity I. Capital Limited holding 35 per cent and Mr. Wiwat Kraipisitkul sharing 10 per cent.
After IPO, Primary Energy’s shares will be diluted to 30 per cent, Unity I. Capital Limited 21.3 per cent and Kraipisitkul 7.5 per cent.
It appoints Kasikorn Securities as a financial advisor and lead underwriter for the IPO.
DEALSTREETASIA Pte. Ltd. is a news and intelligence platform providing reports on investments, mergers, acquisitions, private equity, venture capital, investment banking and the business of startups across the Asian region.
Thailand aims to push its games and content industry
After almost a year under the pandemic, the number of game players in Thailand rose to 32 million and helped the market generate over a billion dollars in 2020, according to NewZoo, an international analytics and market research group.
Thailand’s H1 Investment Applications rise 158% in combined value, BOI says
Japanese firms ranked first with 87 projects worth 42.8 billion baht, followed by investments from the U.S. with 18 projects worth 24.1 billion baht, and China with 63 projects worth 18.6 billion baht.
In the first six months of 2021, Thailand’s investment applications increased 14% from the year earlier period in terms of the number of projects, and 158% in combined value, led by increasing foreign direct investment (FDI) applications, sustained growth in target industries including the electronics and medical sectors, as well as in power generation, the Thailand Board of Investment (BOI) said.(more…)
Can border reopening revive tourism in South-East Asia?
In Thailand, where pre-pandemic tourism accounted for 11-12% of GDP, the country lost an estimated $50bn last year as Covid-19...
Thailand dropped from UK’s tough covid-19 travel ‘red list’
Earlier, Thailand was listed among countries with high infection levels that were put on a ‘red list’, requiring arrivals to...
The ASEAN-Russia Trade and Investment Cooperation Work Program
ASEAN and Russia recently agreed to enhance and widen economic cooperation at the 10th ASEAN Economic Ministers (AEM)-Russia Consultations held...
Flexible Workspace Startup Worklounge Debuts with 20+ Luxury Member Lounges in Thailand
Worklounge launches a premium membership granting remote professionals and executives access to exclusive hotel lounges across Thailand. Their platform is...
5 insights to guide ASEAN’s digital generation in a post-pandemic world
We surveyed 86,000 people from six ASEAN countries about their views for a post-pandemic world. The ASEAN Digital Generation Report...