Investors snap up BCP debentures on Pao Tang app

Investors snap up BCP debentures on Pao Tang app

A BCPG solar farm in Ang Thong's Wiset Chai Chan district.
A BCPG solar farm in Ang Thong's Wiset Chai Chan district.

SET-listed energy conglomerate Bangchak Corporation (BCP) reported 3 billion baht worth of its debentures were issued on Tuesday to support working capital and new investments.

Investors quickly booked all the digital bonds through the Pao Tang application in 3 minutes and 18 seconds, after booking started at 8.30am.

The debentures are unsecured senior bonds with annual interest of 3.6%.

"We plan to use the money as working capital to deal with changes in the economy as well as oil price fluctuations," said Phatpuree Chinkulkitnivat, BCP's acting senior executive vice-president for finance and accounting.

The company said part of the money will be allocated for BCP's plan to help Thailand maintain a balance between energy security and its transition towards clean energy.

Chaiwat Kovavisarach, chief executive of BCP, earlier announced that the firm aims to achieve carbon neutrality and net-zero goals by 2030 and 2050, respectively. This is faster than the time frame set by the Thai government, which targets carbon neutrality in 2050 and net-zero by 2065.

Carbon neutrality refers to the balance between carbon dioxide emissions and absorption, while the net-zero target is a campaign to strike a balance between greenhouse gas emissions and absorption.

BCPG Plc, a renewable energy arm of BCP, previously announced the company was ready to submit proposals to develop and operate new wind and solar farms with a capacity of 100 megawatts, under a renewable energy scheme overseen by the Energy Regulatory Commission.

State-owned Krungthai Bank, which developed the Pao Tang app, said the rapid booking reflected investors' trust in the growth of BCP's energy businesses.

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