Banpu announces dividend payment
Banpu Public Company Limited (BANPU), one of Asia’s leading energy companies, today upheld the company’s commitment to sustain shareholder value with consistent dividend payments for the benefits of the company’s shareholders.
According to the Board of Director’s resolutions on 25 August 2016, the payment of Banpu’s interim dividend is THB 0.25 per share, which is equal to the previous year, reflecting the company’s financial discipline and resilient cash-flow.
Another approval was also made on additional details of the new share issues, in which Banpu Power Public Company Limited (“Banpu Power” or ‘BPP’), a subsidiary of Banpu. This is to provide guaranteed subscription of up to 210 million shares or approximately one-third of BPP’s IPO shares, to eligible Banpu shareholders for the upcoming initial public offering (IPO) of BPP which is expected to be listed on the Stock Exchange of Thailand in the last quarter of 2016.
“Banpu continues to maintain the principles of balanced and sustainable growth, along with the company’s strategic plan to increase coal reserves and optimize quality management for coal distribution and transportation. This includes our plan to increase the equity-based power generation capacity through high-efficiency, low-emissions (HELE) power and renewable energy in accordance with the environmental friendly concept. Our proactive financial strategy of maintaining strong cash-flow enables us to continue providing dividend payments to all shareholders and carry on towards the growth plan that aims at maximizing long-term shareholder and stakeholder value,” said Ms. Somruedee Chaimongkol, Chief Executive Officer of Banpu.
The Board resolved that the XD is on 8 September 2016 and the record date of the interim dividend payment and the new shares issue will be 12 September 2016. The interim dividend payment will take place on 23 September 2016. For eligible shareholders, the dividend and this new shares issue are also extended to shares issued to warrant holders who submit the notification to convert the existing BANPU-W3 warrants into Banpu shares at THB 5.00 per share during 29 August – 2 September 2016.
The subscription ratio for Banpu shareholders who are entitled to subscribe for the new share issues is approximately between 18 Banpu share per BPP share and 25 share to 1 BPP share. This is subject to the amount of BANPU-W3 conversion from the BANPU-W3 holders. Banpu shareholders are allowed to oversubscribe by not more than 20% of their entitlement. The oversubscribed shares will be allocated pro-rata, based on leftover shares from the total subscription. Further details on the final ratio, pricing and exercise period are expected to be informed to eligible shareholders around 26 September 2016.
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