Ratch buys 49% stake in ABEIF
Ratch Group Plc has acquired a 49% stake in Vietnam-based An Binh Energy and Infrastructure Fund (ABEIF) for US$78.5 million.
Ratch reported to the Stock Exchange of Thailand yesterday that it partnered with Geleximco Group Joint Stock Co, a Vietnamese industrial conglomerate, by investing $78.5 million for a 49% stake in ABEIF.
Kijja Sripathangkura, Ratch’s chief executive, said the company acquired the fund ownership through its wholly owned RH International (Singapore) Corporation (RHIS).
Following the agreement, RHIS will acquire the 49% stake of ABEIF, while Geleximco holds the remaining 51% equity.
Mr Kijja said Geleximco is involved in various businesses including energy, infrastructure, industry, real estate, finance, trading and services.
ABEIF’s portfolio has conventional and renewable power projects with a total capacity of 2,620 megawatts. Of four projects, a 620-megawatt coal-fired power project in northern Vietnam has completed construction and started commercial operation recently.
“This marks the beginning of integration between the company and Geleximco Group, our new partner, in developing businesses in Vietnam along with aligned direction and goals, particularly in creating energy security and developing economic growth,” he said.
The Vietnamese government aims to develop power generation capacity to 130 gigawatts by 2030, up from 54GW at present. The company said it is confident Vietnam’s economy will grow continuously.
ABEIF was established in 2017 with permission from the State Securities Commission of Vietnam. Its investment mainly focuses on energy, infrastructure and real estate.
In addition to the 620MW power plant in northern Vietnam, ABEIF’s assets include a 650MW coal power plant under construction in northern Vietnam, a 1,200MW coal-fired power plant in the early stages of development in central Vietnam and a 150MW hydroelectric power plant project in the early stages of development in northern Vietnam.
This asset acquisition deal is one of five assets Ratch plans for this year with a projected capital expenditure of 10 billion baht.
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This marks the beginning of integration with our new partner Geleximco Group. KIJJA SRIPATHANGKURA Chief executive, Ratch