Bangkok, 7 April 2017 - WHA Utilities and Power PLC. (WHAUP), the leading fully-integrated utilities and power business provider, has marked a key milestone with its first day trading on the Stock Exchange of Thailand on 10 April 2017. Mr. Wisate Chungwatana, Chief Executive Officer, is confident that the initial public offering will be well received by investors due to WHAUP’s business growth potential. Siam Commercial Bank, its financial advisor believes in WHAUP’s outstanding integrated utilities and power leadership.
Mr. Wisate Chungwatana, Chief Executive Officer, WHA Utilities and Power PLC. (WHAUP), the provider of fully integrated utilities services for industries in Hemaraj Industrial Estates and Hemaraj Industrial Lands, including raw water, processed water, clarified water, wastewater treatment and power business in Thailand and overseas, said, “The company confirms its first day trading under the energy and utilities sector on 10 April, under the name ‘WHAUP’ and expects it to be well received by investors.”
“WHAUP will offer a total of 229.5 million shares, comprising 125 million new shares and 104.5 million existing shares belonging to H-International (SG) Pte. Ltd. at the price of 26.25 Baht per share.”
Fund raised from the initial public offering will be used for several purposes, including utilities and power project investment for business expansion and loan payment to financial institutions, which will reduce 1.5-time debt/equity. The rest will be used for working capital.
Under its investment plan, WHAUP will increase power business investments for IPP, SPP and VSPP plants with 350 megawatts (equity share) currently under operation and another 190 megawatts under construction. Representing altogether 540 megawatts (equity share), it will be completed around the beginning of 2019. Moreover, the company is studying a renewable power project, which is solar power on rooftop of WHA Group’s warehouses covering 2 million square-meter areas. WHAUP also invested in an industrial waste management project for energy under Chonburi Clean Energy (CCE), tieing up with Glow Energy Plc. and Suez.. Recently, Chonburi Clean Energy signed an agreement with the Provincial Electricity Authority in the 8.63-megawatt industrial waste project, which is expected to start operations in the fourth quarter of 2019.
Ms. Veena Lertnimitr, Executive Vice President, Primary Distribution, Siam Commercial Bank, WHAUP’s financial advisor representing Siam Commercial Securities, WHAUP’s lead IPO underwriter, said, “WHAUP’s business stands out for its integrated utilities and power excellence, with growth and operation potential. Besides, the management team of WHAUP and WHA Group are strong and professional. All of these qualities reflect its business strength very well.”