BTS Group successfully raised proceeds of THB 13.2 bn via Right Offering - reflecting strong investor support and confidence.

BTS Group Holdings PCL (BTS Group) has successfully raised proceeds of THB 13.2bn from its Rights Offering last week. The offer, enabled existing shareholders to subscribe to 1 new share for every 4.5 shares held at a price of THB 4.50 per share, up to a maximum of 2,926,141,881 shares.

The Rights Offering was heavily oversubscribed by both retail and institutional investors, reflecting strong investor support and confidence and a perception that the stock remains significantly undervalued. On the last day of the subscription period, BTS share price closed at THB 4.54 per share, still 70% below its pre-COVID peak in December 2019 at THB 14.20 per share.

Proceeds will primarily be used to increase BTS Group's shareholding in associate companies, Roctec Global PCL (ROCTEC) and Rabbit Holdings PCL (RABBIT), and thereafter reduce leverage. The Rights Offering further strengthens BTS Group's fiscal position, following the repayment of THB 23bn to Bangkok Mass Transit System Public Company Limited (BTSC) by Krungthep Thanakom (KT), a wholly owned subsidiary of the Bangkok Metropolitan Administration (BMA), for the E&M work on the Green Line extension 2 in April 2024.On 26 July 2024, the Supreme Court also ruled that the BMA has to pay THB 14bn outstanding in relation to outstanding O&M fees, and this is required to be paid within 22 January 2025. These repayments, together with the Rights Offering proceeds, will strengthen the Company's capital base as well as its debt to equity ratios.

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