Clover aims to list 320m shares in IPO
published : 30 Jul 2021 at 05:51 A biomass power plant operated by Clover Power in the northern province of Phitsanulok.
Clover Power Plc (CV), a renewable energy power plant developer and operator, plans to issue 320 million shares 25% of total common shares under its initial public offering (IPO).
The company is awaiting approval from the Securities and Exchange Commission.
The IPO should allow the company to finance expansion, pay debts and increase capital.
Clover Power has a goal to use the money raised to increase electricity generation capacity sevenfold to 180 megawatts (MW) within three years, up from 26.2MW.
TRIS Rating downgrades the company rating on Central Plaza Hotel PLC (CENTEL) and the ratings on its existing senior unsecured debentures to ?A-? from ?A?. The rating action follows our view that the escalating Coronavirus 2019 disease (COVID-19) situation in Thailand compounded by a weak economic outlook will likely result in slower-than-expected business recovery for CENTEL and a drawn-out timeline for the company to restore its financial strength. We expect CENTEL?s leverage ratio as measured by the ratio of adjusted debt to earnings before interest, tax, depreciation, and amortization (EBITDA) to continue its sharp rise in 2021 and stay elevated exceeding the threshold of 4 times until 2024 which is not commensurate with the ?A? rating.
TRIS Rating affirms the company rating on Siamese Asset PLC (SA) at ?BB+? with a ?stable? rating outlook. The rating reflects SA?s evolving brand recognition in the condominium segment and improving capital structure after listing on the Stock Exchange of Thailand (SET) in December 2020. The ratings also take into consideration the company?s limited track record, product segment concentration, and the effects of the prolonged Coronavirus Disease 2019 (COVID-19) pandemic, which could lead to weakening demand for residential properties.
KEY RATING CONSIDERATIONS
Limited track record with evolving brand recognition in the condominium segment
In TRIS Rating?s view, SA?s market position in the condominium segment is improving over time. Its brand recognition in the middle- to high-end condominium segments is evolving. The company develops condominiums under the ?Blossom?, ?Siamese?, ?Siamese Exclusive?, and ?The Collection? brands. SA?s revenues and profitability have improved over the
PTT forms unit for EV services
published : 24 Jul 2021 at 04:00 G-Box, an energy storage system that works in tandem with EV charging outlets, is part of PTT s EV infrastructure development projects.
National oil and gas conglomerate PTT Group continues to strengthen its presence in the electric vehicle (EV) industry by establishing a new subsidiary EVME Plus Co to operate a range of services from EV rental to charging and maintenance.
The establishment was announced days after its power generation arm, Global Power Synergy Plc (GPSC), opened a battery factory in Rayong, the first semi-solid battery production facility in Southeast Asia, on July 19.