Gulf Energy Development (SET:GULF) Reaches 1st Trading Day on 6 Dec

Wednesday, 6 December 2017, 14:30 HKT/SGT

Tipped to Meet Gas-Fired Power Plant Construction Schedule

BANGKOK, Dec 6, 2017 - (ACN Newswire) - Gulf Energy Development Public Company Limited (SET:GULF), one of Thailand's major independent power producers and suppliers, received on its first trading day of 6 December an enthusiastic welcome from institutional and retail investors, who had confidence in the company's plan for the gas-fired power generation and supply business to raise total installed production capacity by 6,353.6MW to 11,125.6MW by 2024.

Mr. Sarath Ratanavadi, chief executive of GULF, revealed that, after the initial public offering (or IPO) of up to 533.30 million capital-increase ordinary shares with a par value of THB 5.0 each at the final price of THB 45 each, GULF has floated the shares (ticker symbol: GULF) on the Stock Exchange of Thailand (SET) on 6 December, and that the shares have drawn enthusiastic response from local and international institutional investors, as well as from retail investors.

After the first trading day, GULF will proceed to ensure successful implementation of its plans by using the funds raised by the IPO (i) to finance timely completion of gas-fired and biomass power plant construction and an increase in total installed production capacity by 6,353.6MW by 2024, from the current level of 4,772.1MW (which is contributed by the existing gas-fired power plant and solar rooftop projects that have begun commercial operation); (ii) to repay loans; and (iii) as working capital.

"We will employ our business experience and expertise in developing the planned power plant projects jointly with our partners, in order to secure regional leadership among major independent power producers and suppliers," said he.

Kasikorn Securities Public Company Limited, SCB Securities Co Ltd and Bualuang Securities Public Company Limited, as Co-Lead Underwriters, added that GULF is a major gas-fired power producer and supplier with a strong management team and staff who possess more than two decades' experience, as well as technical know-hows and hands-on experience about development of power plant projects, including bidding, construction and efficient operation of power plants, which have been translated into stable revenues from the commercial and contracted supply of power to Electricity Generation Authority of Thailand (EGAT) and industrial clients. They expressed confidence that the company will meet the schedules for completion of the construction of new gas-fired power plants and for commercial supply of more power, which will further enhance its future performances.

About Gulf Energy Development

Gulf Energy Development Public Company Limited, or GULF, is a holding company that holds equity stakes in firms primarily operating electricity, steam and chilled water generation and connected businesses. To facilitate the operation of its gas-fired power plant projects in Thailand, it has jointly established joint-venture firms, including Gulf JP Co Ltd (40% stake; partner: J-Power, a leading power producer based in Japan), Gulf MP Co Ltd (70% stake; partner: Mitsui) and Independent Power Development Co Ltd (equity stake raised from 51% to 70% on 13 November 2017; partner: Mitsui).

The company also owns 9.09% shares in SPCG, Thailand's largest solar rooftop power producer and supplier, and 0.46% shares in EDL Generation, a Laos-based power producer and supplier, and is developing the business of gas pipeline distribution to serve industrial clients in WHA industrial estates.

Contact:
For Gulf Energy Development Public Company Limited
Wasana Wongsiri
MT Multimedia Co Ltd
Tel: +66 0 2612 2081 #131
Mobile: +66 8 4359 0659
E-mail: wasana.w@mtmultimedia.com

Topic: Press release summary
Source: Gulf Energy Development
Sectors: Energy, Alternatives
https://www.acnnewswire.com
From the Asia Corporate News Network