Ratchaburi to buy Banpu stakes in 2 plants
BANGKOK POST, March 1, 2003
Pact signed for Tri Energy, BLCP Power
Post reporters Ratchaburi Electricity Generating Holding Plc has agreed in principle to buy stakes in two power plants held by Banpu Plc.
A memorandum of understanding was signed on Thursday to forge co-operation and enhance Ratchaburi and Banpu's power generation and distribution.
According to the memorandum, Ratchaburi will buy all of Banpu's holding in Tri Energy Co and part of an interest from Banpu in BLCP Power Ltd.
Banpu holds a 37.5% stake in Tri Energy, the operator of a combined cycle gas turbine power plant with a capacity of 700 megawatts in Ratchaburi.
Other shareholders include the US-based firms Texaco (37.5%) and Edison Mission (25%).
Banpu holds an equal stake with Hong Kong 's CLP International Co in BLCP Power. B LCP 's coal-fired 1,347-MW plant is under construction in Rayong.
Banpu, a leading coal-mining operator that has been diversifying into other energy fields, also holds a 14.99% stake in Ratchaburi.
Due diligence is expected to be done by April, with a formal transaction agreement to be signed by June.
Ratchaburi is a holding company for Ratchaburi Electricity Generating Co, which operates the country's largest power plant, a 3,645-MW gas-fired plant in Ratchaburi province. Another subsidiary, Ratchaburi Energy Co, is developing small hydro-power projects in Chainat, Lop Buri and Nakhon Nayok.
Ratchaburi saw consolidated net profit rise 54.56% to 4.73 billion baht in 2002 from 1.67 billion baht in 2001. Earnings per share rose to 3.26 from 2.11 baht. Revenue reached 28.15 billion baht, most of which was derived from electricity sales.
Ratchaburi managing director Boonchoo Direksathapon attributed the improved profit to increased revenue from electricity generation after it received the last combined-cycle power unit from the Electricity Generating Authority of Thailand in November.
It also received compensation from Egat and PTT Plc from upgrading the power plant to take up natural gas.
Ratchaburi shares closed yesterday at 20.80 baht, up 30 satang, on turnover of 70.1 million baht. Banpu fell one baht to 38 baht, on 126.17 million baht in trade worth 126.17 million baht.
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