SET-listed Buriram Sugar Pcl has submitted the first filing to issue 350 million investment units of Buriram Sugar Group Power Plant Infrastructure Fund (BRRGIF) through an initial public offering, aiming to raise up to 3.85 billion baht ($111.65 million).
BRRGIF will be the country’s first infrastructure fund investing in biomass power plants to file for an IPO.
According to the company’s stock exchange filing, about 115.5 million IPO investment units will be offered to the public and a maximum of 45.5 million units will be available to buy for the company’s shareholders as part of their pre-emptive rights.
Anant Tangtongwechakit, managing director of Buriram Sugar, said that the proceeds would be used to invest in the biomass power plant operation of its subsidiaries Buriram Energy Co Ltd and Buriram Power Co Ltd.
The power plants at BEC and BPC have a total electricity production capacity of 9.9 megawatts each and have signed a contract to sell up to 8 megawatts of electricity to the Provincial Electricity Authority. Meanwhile, the steam from power plants will be sold back to the sugar plant.