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Debentures will fund China venture tag,.
Banpu
Plc, the country's largest coal mining operator, is looking to raise
its investment in China over the next several years.
The company, which reported third-quarter profits
of 1.68 billion baht, up 41% from last year, will issue five billion
baht in debentures to help finance new investment over the next
three years. Chief executive Chanin Vongkusolkit said the company
planned to invest about —US$200-300 million in China next year,
or about 30% of the company's total investment.
The debentures
will be divided into five- and 10-year maturities.
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Interest rates,
to be set next week, would float for the five-year bonds and be
fixed for the 10-year issue. Underwriters for the issue are Standard
Chartered Bank, Bangkok Bank and Siam Commercial Bank.
Mr Chanin said the debentures would raise the company's
debt-to-equity ratio to 0.36 times from 0.24. Currently, Banpu has
invested $40 million in China through its subsidiary Asian American
Coal Inc, which owns a coal —mine in Daning. The company is seeking
several further investments in the country, including coal-fired
power plants.
Banpu has committed to spending $38 million on
its second Chinese joint venture, Hebei Zhong Tai Mining.
Mr Chanin said the Chinese projects required
higher investment than those in Indonesia where Banpu has a strong
presence. Unlike its Indonesian production sites that focus export
markets, the company aims to use its bases in China to distribute
domestically where demand for both coal and electricity is very
high. |
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