BCPG Outlines Common Vision with Partners for ‘The World’s Greenergy Iconic Creator’, Ready for Up to 590m Shares IPO in Q3/16

BCPG Public Company Limited (“BCPG”), a renewable energy power producer and supplier, has highlighted its common vision with local and international partners as ‘The World’s Greenergy Iconic Creator’. It has targeted to expand its renewable energy business both locally and internationally, with the aim of raising its aggregate installed capacity to 1,000MW by 2020. It also seeks to be listed on the SET in Q3/16 with IPO size of up to 590 million capital-increase shares to finance the local and international business expansions.

Mr. Bundit Sapianchai, President of BCPG, revealed that BCPG, a member of Bangchak Petroleum Group, was established to incorporate the group’s renewable energy business to facilitate future expansions. It took over spinoff businesses and assets from Bangchak Petroleum Public Company Limited by acquiring a solar power plant with a 38MW contracted capacity in Bang Pa-in district, Phra Nakhon Si Ayutthaya province, and all shares in the parent’s subsidiaries that operated solar power plants.

BCPG aims to introduce various eco-friendly renewable energy solutions and promote its shared vision with local and international partners as ‘The World’s Greenergy Iconic Creator’, creating innovative renewable energy using environmentally friendly technologies to make the world greener and more sustainable. Its goal is to become a producer and supplier of renewable energy power with multinational operations, and it will invest in firms producing and supplying such power as a way to present new renewable energy solutions to the world.

‘Our ambition is to become a producer and supplier of renewable energy power with multinational presence. We will partner with local and international firms and organizations in creatively developing new renewable energy sources that will raise the standard of living for all people, by making investments in renewable energy power plants, including solar, geothermal, wind-energy, biogas and waste-to-energy power plants, that employ advanced, eco-friendly technologies to ensure sustainable growth,” he added.

BCPG has great potential for diversifying its investments in renewable energy power plants in Thailand and abroad. It has highly qualified personnels with experience and expertise in the business, as well as access to financial resources that will maintain its competitiveness in the business.

BCPG has a flexible investment policy for renewable energy power business. It holds all shares in subsidiaries, co-invests in projects and acquires full or partial stakes in projects that have begun commercial operation and those in development or construction phases. It seeks to achieve 1,000MW in aggregate installed capacity by 2020. BCPG is poised to further invest for growth as planned, with funds readily available domestically and overseas resulting from this IPO.

BCPG holds an open policy in regards to investments in renewable energy power plant projects, whether through investing in subsidiaries, co-investing with business alliances to develop, acquire or partial ownership in renewable energy power plants, whether they be in commercial operations, during construction, or still in the pipelines.

Aside from clear investment and business expansion goals, BCPG is also able to offer to investors paybacks both in the form of progressive business and financial achievements as well as the paying out of dividends for which BCPG has also set a policy of a dividend payout of no less than 40% of net profits. But, in any case, BCPG intends to payout dividends at a rate commensurate with other competitors in the same business.

At the end of Q1/16, the company’s solar power plants in Thailand had an aggregate contracted capacity of 130MW, consisting of projects that have begun commercial operation (118MW) and projects in development phase (12MW). It also has solar power plants in Japan with an aggregate contracted capacity of 194MW consisting of projects that have begun commercial operation (11MW) and projects in development phase (183MW).

Mr. Panop Ansusinha, Investment Banking Business Division Head, Representative of Kasikorn Securities Public Company Limited, as financial advisor and co-lead underwriter, noted that BCPG had submitted the registration statement, draft prospectus and application for initial public offering (“IPO Application”) to the SEC and the Stock Exchange of Thailand since 29 March, and the SEC started counting day 1 for both the draft prospectus and the IPO Application on 26 July.

Mr Paiboon Narintharangkoon, Managing Director, Tisco Securities Company Limited, as co- lead underwriter, stated that, upon approval of the IPO Application and after the effective date of the SEC filing, the financial advisors and the company will set a suitable IPO date. He expressed confidence that BCPG’s extensive experience and great expertise in renewable energy business will allow the company to win trust from the investors and attract their interests in its IPO shares.

Mr Varah Sucharitakul, Member of the Executive Committee, Finansa Securities Limited, as financial advisor and co-lead underwriter, added that BCPG will offer up to 590 million new shares, or up to 30% of the company’s post-IPO authorized and paid-up capital. It will allot (i) up to 59 million shares (10% of the authorized and paid-up capital) to the former shareholders of Bangchak Petroleum who exercise their pre-emptive rights and (ii) the remainder to the public. Any balance after the allotment to honor the pre-emptive rights will also be reassigned for subscription by the public.

BCPG’s registered capital currently stands at THB 10 billion, divided into shares with par value at THB 5 each. The company has THB 1.4 billion authorized and paid-up capital.

BCPG produces and supplies renewable energy power and invests in renewable energy power businesses both locally and internationally - directly and through 50 subsidiaries - including eight Thailand-incorporated companies and 42 foreign-incorporated companies that operate solar power plants in Japan. According to its plan, it will use the funds raised by the IPO to further invest in renewable energy power business expansion in Thailand and abroad, as well as repay bank loans and as working capital.