Eastern Power seeking secondary offering of 550m shares
The board of Eastern Power (EP) Group said it will propose an increase in general mandate capital to shareholders, from Bt1.026 billion to Bt1.579 billion.
EP shares closed at Bt3.62 today.
Weera Louwitawas, EP chief executive officer, explained that the company aimed to increase its capital by issuing 552.94 million new common stocks to shareholders and other investors.
The capital raised from the stocks will serve EP investment in the future, Weera added.
The board also plans to propose four wind farm projects in Vietnam to the shareholders, total value Bt7.040 billion.
Weera said that 30 to 35 per cent of the budgeted Vietnam investment would come from the share issue. He added that EP is also in loan talks with a financial institution, but did not disclose the institution’s name or the loan conditions.
The scheduled commercial operation date (COD) for the Vietnam plants is October 2021. The economic internal rate of return of each project is expected to be 20 to 25 per cent.
