BCPG Announces a Capital Increase of 1.3Bn Shares to Invest in Power Plant Projects

BCPG approves the increase in the registered capital of the company at a ratio of 8:1 through the Rights Offering at a price of ฿11.50/share.

BCPG Public Company Limited (BCPG) has announced that the Board of Directors’ Meeting No. 12/2020 held on 20 August 2020 resolved to approve the increase in the registered capital of the company at a ratio of 8:1 through the Rights Offering at a price of ฿11.50/share along with a warrant.

 

BCPG stated that the company intends to issue new ordinary shares in combination with BCPG-W1, BCPG-W2, and BCPG-W3 to raise funds for use in expanding its business operations by investing, developing and/or acquiring power plant projects based on its investment plan. The company’s planned use of proceeds also includes repayment to financial institutions of some debts obtained for BCPG’s past financing activities in the acquisition of power plant projects totaling 10,350 million baht.

As for the investment projects, BCPG stated that the company will use the proceeds from the offering to invest in a Wind Energy Power Plant Project with a capacity of 600 MW in Lao PDR and Solar power plant project with a combined capacity, as per power purchase agreement, of 20 MW in Thailand

 

The Board of Directors’ Meeting of BCPG approved the increase in the registered capital of the company by THB 6,508, from THB 10,000,000,000 to THB 16,508,500,000 by issuing 1,301,700,000 new ordinary shares each at a par value of THB 5.00 for the following offerings and allocations:

1) Issuing and offering newly issued ordinary shares to existing shareholders in proportion to their shareholding (Rights Offering) in combination with the issuance and offering of warrants to subscribe for newly issued ordinary shares in the capital increase of the Company without consideration to be allocated to existing shareholders of the Company who subscribe for and are allocated newly issued ordinary shares in the Rights Offering.

2) Issuing and offering newly issued ordinary shares in Private Placement at a definitive offering price in combination with the issuance and offering of warrants to subscribe for newly issued ordinary shares in the capital increase of the Company without consideration to be allocated to investors who subscribe for and are allocated newly issued ordinary shares in Private Placement at a definitive offering price.

3) issuing and offering newly issued ordinary shares in Private Placement at an offering price to be determined by the Board of Directors based on the prevailing market price at the time of the offering.

4) issuing and offering warrants to subscribe for newly issued ordinary shares in the capital increase of the Company to directors, executives and employees of the Company and its subsidiaries (BCPG ESOP WARRANTS No.2).

5) issuing and allocating newly issued ordinary shares of the Company for the exercise of all warrants described above.

 

Moreover, BCPG will allocate no more than 391,500,000 newly issued ordinary shares each at a par value of THB 5.00 to Private Placement investors at a definitive offering price of THB 11.50 per share, which is not lower than the subscription price offered to existing shareholders of the Company in an offering where the Company’s meeting of shareholders has resolved on a definitive price. The Private Placement offering will be in combination with an allocation of warrants to subscribe for newly issued ordinary shares to be allocated to investors who subscribe for and are allocated newly issued ordinary shares in Private Placement at a definitive offering price (BCPG-W3) in a ratio of 2.1924 new ordinary shares allocated to Private Placement investors to one unit of BCPG-W3. The Private Placement investors are:

1) 195,750,000 newly issued ordinary shares to be allocated to Pilgrim Partners Asia (Pte.) Ltd. totaling THB 2,251,125,000.00

2) 195,750,000 newly issued ordinary shares to be allocated to Capital Asia Investments Pte. Ltd. totaling THB 2,251,125,000.00

 

The Extraordinary General Meeting of Shareholders No.1/2020 will be held on 7 October 2020 at 13.30 at Bai Mai Conference Room, 8th Floor, M Tower, No. 2098, Sukhumvit Road, South Phrakanong Sub-District, Phrakanong District, Bangkok 10260.

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