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SET to list “TPI Polene Power” on April 5

BANGKOK, April 4, 2017 - The Stock Exchange of Thailand (SET) will list TPI Polene Power pcl, the largest waste-to-power plant operator in Thailand, on April 5, under the ticker symbol "TPIPP". The company has a market capitalization at its initial public offering (IPO) of THB 58.80 billion (approx. USD 1.68 billion).
 
SET Senior Executive Vice President Santi Kiranand said that TPIPP would list on SET in the Resources industry, Energy & Utilities sector. TPIPP, a subsidiary of TPI Polene pcl (TPIPL), uses waste and waste heat emitted during TPIPL’s cement production process to generate power, under the power purchase agreements with Electricity Generating Authority of Thailand and TPIPL, with the total installed capacity of 150 megawatts (MW). TPIPP has begun the capacity expansion to 440 MW to the installed generating capacity and will be completed by end-2017. In addition, the company also operates 12 petrol and NGV gas stations in Bangkok and upcountry.

TPIPP has a paid-up registered capital of THB 8.4 billion, consisting of 5,900 million existing common shares and 2,500 million newly issued shares, with a par value of THB 1.00 each. It offered 125 million newly issued shares to eligible TPIPL existing shareholders during March 22-24, 2017; and 2,375 million newly issued shares to institutional investors, benefactors and foreign investors subscribed through initial purchasers, during March 24 and 27-29, at THB 7.00 each, for a total of THB 17.5 billion. CIMB Thai Bank pcl, TISCO Bank pcl and Maybank Kim Eng Securities (Thailand) pcl are the financial advisors, while CIMB Securities (Thailand) Co., Ltd., Tisco Securities Co., Ltd. and Maybank Kim Eng Securities (Thailand) pcl are its underwriters.

TPIPP Chairman Prachai Leophairatana, said that this listing and fund raised would strengthen TPIPP’s financial capabilities to serve the growing demand in waste recovery power plant business, in line with the company’s mission to be a high quality and high standard leader in the business of power generation using renewable energy sources, under the “zero waste” concept . The fund raised would also be used for debt repayment.

TPIPP's three major shareholders after IPO are TPIPL (70.24 percent), CIMB Securities (Singapore) Pte. Ltd. (5.15 percent) and Deutsche Bank AG, London (1.15 percent). The IPO price was set by a book building process, equivalent to price-to-earnings ratio (P/E ratio) of 32.23 times calculated by using the company's net profit in the past four quarters (Q1/2016-Q4/2016), divided by fully diluted shares, representing earnings per share of THB 0.2172. TPIPP’s dividend policy is to pay no less than 50 percent of net profit, from the company's separated financial statement, after taxes and reserves.

For more information on TPIPP, please see the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th ; and for general information, please visit www.tpipolenepower.co.th, as well as www.set.or.th.

 

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It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

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