BGRIM: ADB’s share sales have no effect on business, future support

Energy Press Releases Friday July 24, 2020 13:25
Bangkok--24 Jul--B.Grimm Power

B.Grimm Power Plc (BGRIM) says the Asian Development Bank (ADB)'s sales of certain BGRIM shares does not affect the company's business or constituting the declining support the bank would render to BGRIM in the future.

Preeyanart Soontornwata, Chief Executive Officer of BGRIM, says ADB's move to dispose 68 million BGRIM shares from the total of 123 million shares it held earlier forms an internal policy of ADB which BGRIM was not informed beforehand.

"This is all about ADB's management of portfolio to ready itself to support BGRIM’s renewal renewable energy development projects which are partially financed by BGRIM's 5-billion-baht green bond ADB has earlier subscribed," she pointed out.

ADB's sales of BGRIM shares, which reduced the bank's holding in the leading private Thai power producer from 4.72% to 2.61%, does not affect BGRIM's operations in any ways as the company's business fundamentals remain solid.

BGRIM's investment both at home and abroad is continuing unabated.
The company now has 47 power projects in operation with a combined installed capacity of 3,019 MW.
There are several schemes in the stage of construction and development which will boost BGRIM's total installed capacity to 3,547 MW.
The company remains focussed on investment with quality and sustainability, targetting to establish power sales agreements of up to 5,000 MW by 2022.
BGRIM is evaluating many investment options, including mergers and acquisitions (M&A) deals, in Thailand and neighbouring countries.
The M&A opportunities involve not less than 500 MW in combined capacity, wind energy with 300-400 MW capacity, and LNG-based power project with 3,000 MW output in Vietnam.

BGRIM remains confident that will be able to achieve growth in the range of 10-15% this year as planned due to its expanding production capacity, and growing industrial customer base as well as the execution of power plant optimisation programs and cost management.

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