.jpg)
The Stock Exchange of Thailand (SET) will list Gulf Energy Development pcl, one of Thailand's major power producers, on December 6, under the ticker symbol “GULF”. The company has a market capitalization at its initial public offering (IPO) of THB 96 billion (approx. USD 2.9 billion).
SET Senior Executive Vice President Santi Kiranand said that GULF would list and start trading on the Resource industry group, Energy & Utility sector. GULF is a holding company investing in companies that generate and sell electricity, steam, as well as chilled water. Currently, Gulf has 17 power projects in operation, including 13 gas-fired power plants and four solar plants, with a total equity installed capacity of 1,963.5 megawatts. GULF also has other power projects under construction and development. When all 28 projects begin commercial operation by 2024, GULF will have a total equity installed capacity of 6,329.2 megawatts.
GULF has a paid-up registered capital of THB 10.67 billion, consisting of 1.6 billion existing common shares and 533.3 million newly issued shares, with a par value of THB 5.00 each. It offered the entire newly issued shares to general public, benefactors and the company’s related persons via IPO during November 17 and 20-21, and to domestic institutional investors and foreign institutional investors during November 23-24 and 27, at THB 45 each, for a total of THB 24 billion. Kasikorn Securities pcl, The Siam Commercial Bank pcl and Bualuang Securities pcl are its financial advisors, while Kasikorn Securities pcl, SCB Securities Co., Ltd. and Bualuang Securities pcl are its underwriters.
GULF President Porntipa Chinvetkitvanit said that the fund raised would be used to invest in upcoming projects, and for loan, debenture and/or bill of exchange repayment, as well as for working capital.
GULF’s three major shareholders after the IPO are Group of Sarath Ratanavadi (75.00 percent), UBS Securities Pte Ltd (8.07 percent) and Merrill Lynch (Singapore) Pte Ltd (2.38 percent). The IPO price was determined based on a book building process, equivalent to price-to-earnings (P/E) ratio of 41.21 times calculated by using the company's net profit in the past 12 months (Q4/2016 – Q3/2017) divided by fully diluted shares, representing earnings per share of THB 1.09. GULF's dividend policy is to pay no less than 30 percent of net profit from the company's separate financial statement, after corporate income tax, legal reserves and loan obligations.
For more information, 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.gulf.co.th , as well as www.set.or.th .
