Asia Digest: Thailand's Absolute Clean Energy mulls IPO, SG's Sinarmas Land sets up China subsidiary

Thailand-based Absolute Clean Energy Plc plans to launch its IPO on the Stock Exchange of Thailand, while Singapore-headquartered property company Sinarmas Land is establishing a wholly-owned subsidiary, Chengdu Sinarmas New Century Investment Co Ltd, in China.

Thailand’s Absolute Clean Energy plans IPO

Thailand-based clean power project developer and operator Absolute Clean Energy Plc (ACE) plans to list on the Stock Exchange of Thailand (SET), according to a report by Bangkok Post.

The company, owned by Songmetta family, has appointed Trinity Securities Co as the financial advisor and underwriter for its IPO process. Last Friday, the company completed its filing with the Securities and Exchange Commission.

In the IPO process, ACE plans to sell 1.82 billion of shares amounting to 16.6% of its total registered capital, at 5.49 billion baht.

ACE will use a part of the IPO proceeds to finance nine power plant projects that are in pipeline, said Chairman Jiratha Songmetta.

SG’s Sinarmas Land sets up new China subsidiary 

In a bid to strengthen its operations far east, Singapore-based property company Sinarmas Land established a new subsidiary in China, according to a stock exchange filing.

Chengdu Sinarmas New Century Investment in China has a registered share capital of $50 million.

Sinarmas Land plans to strengthen its presence in China, thereby investing in more property projects, said executive director and CFO Ferdinand Sadeli, as reported by Investor Daily. However, he did not divulge any details.

Prior to this, Sinarmas Land entered China through a partnership with Rong Qiao Group to construct a mixed-used property project in August 2018. The company invested around 396 million yuan in lieu of around 40% stake in the project.

Sinarmas Land’s other subsidiaries in China include AFP China, Shining Gold Real Estate (Shenyang) and AFP (Shanghai). In Indonesia, Sinarmas Land has three listed property developer subsidiaries namely Bumi Serpong Damai (BSD), Puradelta Lestari and Duta Pertiwi.

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