November 21, 2019
The Bangkok-based lawyers of the Corporate Team acted as IPO issuer counsel to Absolute Clean Energy Public Company Limited (SET: ACE) on the offering and listing of the initial public offering (IPO) of 1.018 billion shares representing 10 per cent of its total registered capital at the offering price of THB 4.40 per share worth up to THB 4.47 billion or USD 147 million on the Stock Exchange of Thailand. The first day of trading was November 13, 2019.
With more than 30 years in pioneering and operating biomass power plants in Thailand, ACE aims for being one of the most efficient biomass power plants operators in the ASEAN region. It currently operates 13 COD power plants including rooftop solar and natural gas projects totaling 211.18 MW and another 19 projects with approximately capacity of 210.19 MW are being developed. The listing will provide fund for ACE to develop and expand its nine developing projects in the pipeline.
HuntonAK team was led by Bangkok counsel Yaowarote Klinboon along with associates, Teerasak Petchpaiboon, and Phatamol Phisitbuntoon who supported on filings procedures and securities matters. A team had assisted ACE on reviewing all relevant agreements and negotiations with relevant parties ensuring all issues were fully compliant with applicable law and the Securities and Exchange Commission. Associate Peerapong Pornpipatkul also involved for the tax issues. Trinity Securities Co acted as ACE’s financial adviser and underwriter for the IPO.