B Grimm Power delays listing plan over change in accounting

B Grimm Power will postpone to next year its plan to list on the stock market because of a change in accounting standards, said company president Preeyanart Soontornwata. She said the new standards affected B Grimm Power’s plan for an initial public offering as it operates as a holding company for dozens of subsidiaries. The company will soon formally appoint its financial adviser. It had earlier planned to list in the second quarter of this year or by the end of 2016. B Grimm Power, a flagship company of the trading and manufacturing concern B Grimm Group, expects to invest around Bt59 billion to grow its generating capacity by 46.5 per cent – from 1,626 megawatts at present to 2,383MW – in five years. Preeyanart said B Grimm Power, which currently earns most of its income from small power producer plants in Thailand, has started to expand to renewable-power projects. Its current solar farms have total capacity of 114.2MW, and its overseas projects are mainly hydropower ventures in Laos. 

Keep reading