B.Grimm Power Public Company Limited (BGRIM) announced that S.IF. Company Limited (S.IF.) (a subsidiary of Singha Estate Public Company Limited) has invested in the newly issued ordinary shares in B.Grimm Power (Angthong) 2 Limited (BGPAT2) and B.Grimm Power (Angthong) 3 Limited (BGPAT3) (BGPAT2 and BGPAT3 are subsidiaries of B.Grimm Power) in a proportion of 30 percent of the total number of issued shares in BGPAT2 and BGPAT3 each. In this regard, the registration of capital increase with the Department of Business Development has successfully completed.
1. BGPAT2 has increased its registered capital from THB 10,000,000 to THB 1,327,500,000, by issuance of 13,175,000 new ordinary shares with par value of THB 100 each at the subscription price of THB 100 each, totaling THB 1,317,500,000. In this capital increase, S.IF. has subscribed 3,982,500 new ordinary shares, totaling THB 398,250,000. After the investment, BGRIM holds 70%, S.IF. holds 30%.
2. BGPAT3 has increased its registered capital from THB 10,000,000 to THB 1,302,500,000, by issuance of 12,925,000 new ordinary shares with par value of THB 100 each at the subscription price of THB 100 each, totaling THB 1,292,500,000. In this capital increase, S.IF. has subscribed 3,907,500 new ordinary shares, totaling THB 390,750,000. After the investment, BGRIM holds 70%, S.IF. holds 30%.
As a result, BGPAT2 and BGPAT3 are still the subsidiaries of BGRIM. There is no change in BGPAT2’s or BGPAT3’s business operation. Each of BGPAT2 and BGPAT3 primarily engages in development of 140 MW combined cycle cogeneration power plants to sell electricity and steam, which are under construction, located in World Food Valley Thailand Industrial Estate, Chaiyo District, Angthong Province. Both BGPAT2 and BGPAT3 have already secured 90 MW Power Purchase Agreement with the Electricity Generating Authority of Thailand for 25 years, and the scheduled commercial operation date (SCOD) is in the fourth quarter of 2023.
BGRIM recognises the importance of having business partners with industrial estate’s owner to expand the industrial client base together with flexibility in the development of power plants and transmission systems in World Food Valley Thailand Industrial Estate, in which it will enhance the competitiveness of Thai food entrepreneurs. In this area, there are 3 power projects under B.Grimm Power including B.Grimm Power (Angthong) 1 Limited, BGPAT2 and BGPAT3 with a total installed capacity of 403 MW.