Thai Solar Energy’s IPO to be launched in Oct - report

Oct 10, 2014 - The initial public offering (IPO) of solar park operator Thai Solar Energy Co Ltd (TSE) will be launched later this month, as previously planned, the firm’s CEO said as cited by the Bangkok Post today.

This would happen despite the fact that the company's major stockholders were recently involved in several lawsuits.

The Securities and Exchange Commission (SEC) has accepted the petition from co-founder Phaiboon Maturanont against major shareholders Pracha Maleenont and Catherine Maleenont, the paper quoted Thawatchai Pittayasophon, the director of SEC's corporate affairs department, as saying. The plaintiff previously lost his 26% stake in the company after not paying for it in a capital increase, according to the major shareholders. He is now seeking a compensation of THB 1 billion (USD 31m/EUR 24m). The interest was eventually sold to Pracha-owned family company TM Energy.

TSE’s CEO Cathleen Maleenont believes that the company will win the case and the proceedings will not affect its IPO. The Criminal Court is expected to issue a ruling next week. Through the listing on the Market for Alternative Investment, TSE is seeking to boost its capital to THB 1.37 billion from THB 320 million.

At present, the Maleenont group owns 82.3% of TSE’s shares. Some 23.6% of the firm’s stock will be sold in the IPO, with the group’s stake to be reduced to 63.1%,

TSE’s installed solar power capacity is expected to stand at 98.5 MW at end-2014. It will include solar thermal, solar photovoltaic and commercial solar plants.

(THB 10 = USD 0.308/EUR 0.243)

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