Chai Watana Tannery Group Public Company Limited (CWT) targets a 5,000 million bath of revenue by 2023, expecting to raise funds from IPO and list Chai Watana Green Power Company Limited in the Market for Alternative Investment (mai).
Mr. Weerapon Chaiteerath, Chairman of Director of CWT, stated that the company expected to boost its revenue to over 5,000 million baht by 2023, which would be more than one fold from a 2,000 million baht of revenue in 2019, following the electricity production around 40MW and the business cooperation with “SakunC”.
The company expected to utilize 1,500 million baht for investments in the next three years mainly in power generation business, while planning to construct four renewable energy power plants with a total production capacity of 40MW and a total investment of 4,000 million baht. Parts of the investment funds would be from the fundraising of Chai Watana Green Power Company Limited’s IPO.
Mr. Weerapon revealed that Chai Watana Green Power Company Limited expected to submit a filing to the Securities and Exchange Commission within 2Q21 for the IPO issuance and the entrance to mai.
As for the 2H20 operations, Mr. Weerapon expected recovery in sales and services compared to the first half of 2020 as the impact from the coronavirus outbreak started to ease.
Moreover, the cost for leather and other chemicals also declined compared to the first half of 2020 due to lower oil prices, while the expenses adjustment will widen CWT’s GPM to over 20% this year and to 25% in the next three years from the expansion of SakunC and the power plant businesses.