Tuesday, August 11, 2020

WHA Group makes successful Bt4-billion bond offering

Jul 07. 2020
WHA Group CEO Jareeporn Jarukornsakul
WHA Group CEO Jareeporn Jarukornsakul
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WHA Corporation Public Company Limited witnessed significant demand for its 1/2020 bond offerings worth Bt4 billion from June 30 to July 2, according to the company.

There are three tranches of the bond – a 3-year term maturity in 2020 amounting to Bt2.05 billion, a 4-year maturity in 2024 of Bt1.45 billion and a 5-year maturity in 2025 amounting to Bt500 million. Interest rates are a fixed 3.30, 3.75 and 4.20 per cent, respectively.

WHA said it would use the proceeds from the issuance of the bond on debt repayment, capital expenditure, new investment for business expansion, and/or working capital to support business operations.

Tris Rating assigned the bond an A rating as of March 24. The bonds were distributed via three underwriters – Kasikorn Bank, Siam Commercial Bank and UOB Bank.

WHA Group CEO and chairwoman Jareeporn Jarukornsakul said she is confident the business will perform very well in the second half of the year, with continuous growth of the logistics business.

In addition, the company plans to launch its 10th industrial estate in the Eastern Economic Corridor, bringing the number of WHA’s industrial estates across Thailand and Vietnam to 12.

The company forecasts higher water volume sales than the first half, with the drought situation easing. It’s power business is expected to reach 590 equity MW in operation by the end of 2020 from the current 569 MW.

WHA said its digital business is also growing well as a result of the Covid-19 pandemic. The firm has signed contracts with customers to provide 109 racks of data centre services.

The company has received a licence from the National Broadcasting and Telecommunications Commission to test a 5G network with leading service providers at its industrial estates.

In addition, the firm aims to monetise assets to WHA Premium Growth Freehold & Leasehold Real Estate Investment Trust (WHART), and Hemaraj Leasehold Real Estate Investment Trust (HREIT) worth approximately Bt3.23 billion and Bt1.35 billion, respectively, in the fourth quarter of 2020.

WHART and HREIT have witnessed occupancy rates of 91.9 per cent and 95.3 per cent, respectively, as of the first quarter, the company added.

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