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Date/Time
12 Nov 2019 17:12:00
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SET News :SET welcomes energy holding company "ACE" on Nov 13
Symbol
SET
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SET
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    SET News  92 /2019
                                                                                
    November 12, 2019

SET welcomes energy holding company "ACE" on Nov 13

BANGKOK, November 12, 2019 - The Stock Exchange of Thailand (SET) will list 
Absolute Clean Energy pcl (ACE), a leading holding company investing in
renewable energy business, on November 13, under the ticker symbol "ACE", with a
market capitalization at its initial public offering (IPO) of THB 44.77 billion
 (approx. USD 1.44 billion).

SET Senior Executive Vice President Manpong Senanarong said that ACE would list 
and start trading on SET in Resources industry group, Energy & Utilities sector.

ACE is a holding company which invests in producers and distributors of 
electricity and steam, including other related businesses. The company has 13
commercially operating power plants: nine biomass projects under Feed-in-Tariff
(FIT) scheme, one natural gas power generation, two solar rooftops, and one
municipal solid waste project, with a combined installed capacity of 211.18
megawatts (MWs). Electricity Generating Authority of Thailand, Provincial
Electricity Authority and industrial operators are ACE's major customers.
Moreover, the company's power plants under development, with total installed
capacity of 101.29 MWs, are scheduled to feed power into the grid between 2020
and 2021, while having 10 projects with total installed capacity of 99.00 MWs
under negotiation.

ACE has a registered paid-up capital of THB 5,088 million, consisting of 9,158 
million existing common shares and 1,018 million newly issued shares, with a par
value of THB 0.50 each. It offered the whole newly issued shares to general
public via IPO at THB 4.40 each, for a total of THB 4.48 billion. Trinity
Securities Co., Ltd. is its financial advisor and SCB Securities Co., Ltd. is a
co-lead underwriter.

ACE Chairman of Executive Committee Jiratha Songmetta said that with experience 
and expertise in renewable business, expanded from over 40 years in integrated
agriculture industry, the company has accumulated strong expertise in efficient
and stable renewable energy production using environment-friendly technology to
generate power from various agricultural wastes. Therefore, the clean power
plants can help reduce waste emission in the communities. It can be considered a
model green energy power plant, caring for environmental, sustainability and
governance aspects in line with its vision. The fund raised will be used for
investment in 19 power plants under development and under negotiations,
consisting of biomass, hybrid (biomass and solar), and municipal solid waste, as
well as future projects. The company will also utilize the fund to repay debt
owed to financial institutions, and/or redeem debentures, and as working
capital.

ACE's three major shareholders after IPO are Wirachai Songmetta (22.4 percent of
the paid-up capital), Pornmett Songmetta (21 percent), and Teerawut Songmetta
(18.5 percent). The IPO price was determined by a book building process, under
which an indicative price range was set and institutional investors had a chance
to submit bids for desired number of shares at prices they would be willing to
pay. The company and the lead underwriter had to jointly determine the final IPO
price, by taking into consideration the company's required capital and demand
in shares at a certain level to stabilize price in the secondary market. The
company's dividend policy is to pay no less than 30 percent of net profit of its
 separate financial statements after corporate income tax and legal reserves.

For more information on ACE, please see the company's prospectus at the 
Securities and Exchange Commission's website at www.sec.or.th; and for general
information, please visit www.ace-energy.co.th , as well as www.set.or.th.

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