Wind Energy Holding Co (WEH), Thailand's leading renewable energy company, said yesterday it would proceed with its plan to be listed on the Stock Exchange of Thailand (SET). However, the company will try to adjust its proportion of shareholders in an effort to clean up its murky image before listing.
Nopporn: Has resigned as chief executive of REC but is still a major shareholder
WEH's major shareholder, the Renewable Energy Corporation (REC), is owned by Nopporn Suppipat, who was issued with an arrest warrant by the Thai government on lese majeste charges late last year.
"WEH has been informed REC is in discussions with a number of potential buyers regarding its stake in WEH, and expects the sale to be completed in the coming months," said Thun Reansuwan, the newly appointed WEH board chairman.
Although Mr Nopporn has resigned as the chief executive of REC, he is still the major shareholder of the company. However, it was unclear whether REC would sell off its full 60% stake in WEH or only part of it, said a WEH director.
A senior official at REC said there were several potential interested buyers, including a Singaporean investment fund and a Japanese renewable energy firm.
Mr Thun said WEH held an extraordinary general meeting earlier this month to discuss the company shares and issue a financial update as well as to call for the remaining unpaid capital on all shares to be paid.
After the meeting, the company confirmed 95.7% of the total registered share capital has now been paid up, which strengthens the company balance sheet, said Mr Thun.