Bundit Sapianchai, BCPG President, disclosed that the Company had allocated 250 new right offering (RO) shares at a par value of THB 5.00 per each to existing shareholders with the right to exercise at the ratio of 8 existing shares to 1 new share, at the offering price of THB 11.50 per share. The subscription period for newly issued ordinary shares was set from November 3 to 6, 2020 and November 9, 2020, which was well-received by the Company’s shareholders, reflecting great confident over the investment plan of the Company to forge ahead as a leader in renewable energy in Southeast Asia.

Apart from BCPG’s existing shareholders, the Company had allocated new shares to Private Placement investors - Pilgrim Partners Asia (Pte.) Ltd. and Capital Asia Investments Pte. Ltd., - where the two financial institutions have already paid the capital. Bangchak Corporation, BCPG’s parent company, also recognized the capital increase plan of its affiliate with full subscription for the newly issued ordinary shares, strengthening BCPG’s financial position and business growth.

The Company expects to earn THB 10,235 million from the capital increase – THB 7,000 million immediately recognized from the subscription for newly issued ordinary shares and other proceeds from the exercise of warrants. Within four years (2020 – 2023), fund raised from the capital increase will be distributed to existing and under development projects, including new green power plants. The THB 3,570 million will be apportioned to a 600-MW wind power project in Laos (2020 – 2023) and payments to loan programs for 20-MW solar power projects in Thailand (2020 – 2022). The Company also plans to invest THB 1,870 million in transmission line system project in Vietnam in 2020, including payments to loan programs for 114-MW hydropower projects in Laos - Nam San 3A and Nam San 3B. Simultaneously, the THB 3,700 million will be invested in new green power plants, both domestically and internationally (2020 – 2021).

“The capital increase paves the way for a significant business growth in terms of more cash flow and more business opportunities, which will eventually bring about fruitful returns to the Company and our shareholders in the long run”, said Bundit.