SET welcomes renewable energy producer "CV" on Sep 2

SET Senior Executive Vice President Manpong Senanarong said that CV would list and start trading on SET in the Resources industry group, Energy & Utilities sector.

CV provides one-stop renewable energy business, consisting of 1) electricity generation and distribution from renewable energy sources; 2) engineering procurement and construction focusing on services for power plants related to biomass, waste-to-energy, biogas and solar energy and other general building construction and infrastructure; and 3) businesses related to renewable energy. At present, CV owns and operates four power plants with total power generation capacity of 26.2 MW, comprising three biomass power plants and one waste-to-energy power plant.

CV has a registered paid-up capital of THB 640 million, consisting of 960 million existing common shares and 320 million newly issued shares, with a par value of THB 0.50 each. It offered the newly issued shares to persons at the underwriter's discretion, the company's patrons, directors, executives, and employees during August 25 - 27 at THB 3.90 each, for a total of THB 1.248 billion. Trinity Securities Company Limited is its financial advisor and UOB Kay Hian Securities (Thailand) pcl is the lead underwriter.

CV Chief Executive Officer Saithsiri Saksitthisereekul said that CV is well-positioned for growth driven by its fully equipped with skilled human resource and expertise in power plant project development and operation. This listing is considered an important step with opportunities for the company to expand new business, enhance competitiveness, while strengthening capital structure. The fund raised will be used for business expansion in both local and overseas markets. CV plans to acquire a combined-cycle power plant mainly using natural gas as fuel, with capacity of 7.36 MW; develop a biomass power plant project in Japan with capacity of 39.8 MW; and operate projects and/or invest in renewable energy business, as well as pour money into related engineering projects. Furthermore, part of the proceeds will be used to repay loans from banks and directors, and as working capital.

CV's three major shareholders after the IPO are Saksitthisereekul family (28.2 percent), Bunditkitsada family (16.7 percent), and Loetruangsuphakun family (14.6 percent).

The company's dividend policy is to pay no less than 40 percent of net profit from the company's separate financial statements after corporate income tax and legal reserves. However, the dividend payment is subject to change depending on the firm's financial position, operating performance, investment plan, and other relevant factors.

For more information on CV, 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.cloverpower.co.th as well as www.set.or.th.

• ข่าว Generation