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    RATCH   TH0637010Y00

RATCH GROUP PUBLIC COMPANY LIMITED

(RATCH)
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Ratch Public : Opinion of the Independent Financial Advisor on Asset Acquisition Transaction

09/20/2021 | 06:22am EDT

(Translation)

Opinion of the Independent Financial Advisor

on Asset Acquisition Transaction

of

RATCH Group Public Company Limited

Prepared by

Advisory Plus Company Limited

August 30, 2021

Table of Contents

Page

Executive Summary ................................................................................................................................................................

4

1. Characteristics and details of the transaction............................................................................................................

10

1.1

General characteristics of the transaction .............................................................................................................

10

1.2

Date of the transaction ..........................................................................................................................................

13

1.3

The parties involved and nature of their relationship with the Company ............................................................

14

1.4

Details of the assets being acquired ......................................................................................................................

15

1.5

Total value of consideration..................................................................................................................................

36

1.6

Basis for determination of value of consideration................................................................................................

37

1.7

Type and size of the transaction ...........................................................................................................................

38

1.8

Sources of funds ....................................................................................................................................................

43

1.9

Conditions for the transaction ...............................................................................................................................

44

1.10

Overview of the Company's business operation ..................................................................................................

45

1.11

Summary of the shares sale and purchase agreement ..........................................................................................

45

2. Reasonableness of the transaction...............................................................................................................................

46

2.1

Objective and necessity of the transaction............................................................................................................

46

2.2

Advantages and disadvantages of the transaction ................................................................................................

47

2.3

Advantages and disadvantages of not entering into the transaction ....................................................................

50

2.4

Risks of the transaction .........................................................................................................................................

51

3. Fairness of price and conditions for the transaction.................................................................................................

55

3.1

Fairness of price ....................................................................................................................................................

55

3.2

Appropriateness and conditions for the transaction ...........................................................................................

106

4. Conclusion of opinion of the Independent Financial Advisor................................................................................

109

Attachment 1

Summary of the shares sale and purchase agreement

Definitions

The Company or RATCH

RATCH Group Plc.

RHIC

RH International Corporation Ltd., a direct subsidiary in which the Company holds 100%

of the issued and paid-up shares

RHIM

RH International (Mauritius) Corporation Ltd., an indirect subsidiary in which the

Company holds, through RHIC, 100% of the issued and paid-up shares

RHIS

RH International (Singapore) Corporation Pte. Ltd., an indirect subsidiary in which the

Company holds, through RHIM, 100% of the issued and paid-up shares

PE

PT Paiton Energy

MCBV

Minejesa Capital B.V.

MPBV

Minejesa Power B.V., a subsidiary in which MCBV holds 100% of the issued and paid-

up shares

IPM

IPM Asia Pte. Ltd.

IPMOMS

IPM Operation and Maintenance Services Pte. Ltd. , a subsidiary in which IPM holds

100% of the issued and paid-up shares

POMI

PT Paiton Operation and Maintenance Indonesia, a subsidiary in which IPM holds

84.075% of the issued and paid-up shares

P3

Paiton Unit 3 of PE, having a generating capacity of 815 MW and commencing

commercial operation on March 18, 2012 (the power purchase agreement to expire on

March 31, 2042)

P7

Paiton Unit 7 of PE, having a generating capacity of 615 MW and commencing

commercial operation on May 22, 1999 (the power purchase agreement to expire on

March 31, 2042)

P8

Paiton Unit 8 of PE, having a generating capacity of 615 MW and commencing

commercial operation on July 10, 1999 (the power purchase agreement to expire on

March 31, 2042)

P3 Power Plant

A coal-fired thermal power plant of PE, having one power production unit, i.e. P3

P7/8 Power Plant

A coal-fired thermal power plant of PE, having two power production units, i.e. P7 and

P8

Paiton Energy Project

A coal-fired thermal power plant project of PE, consisting of two power plants, P7/8 and

P3 Power Plants, with a combined capacity of 2,045 MW

Group of Target Companies

PE, MCBV and IPM

Mitsui

Mitsui & Co., Ltd.

PPF

Paiton Power Financing B.V., a juristic entity in which Mitsui holds 100% of the issued

and paid-up shares

Indonesia

The Republic of Indonesia

PLN

PT Perusahaan Listrik Negara, the state electricity company of the Republic of Indonesia

PPA

Power purchase agreement between PE and PLN

IFA

Independent Financial Advisor, Advisory Plus Co., Ltd.

Notifications on

The Notification of the Capital Market Supervisory Board No. TorChor. 20/2551 Re:

Acquisition or Disposal

Rules on Entering into Material Transactions Deemed as Acquisition or Disposal of

Assets and the Notification of the Board of Governors of the Stock Exchange of Thailand

Re: Disclosure of Information and Other Acts of Listed Companies Concerning the

Acquisition or Disposition of Assets B.E. 2547

SEC

The Office of the Securities and Exchange Commission

SET

The Stock Exchange of Thailand

- TRANSLATION -

The English Translation of the Independent Financial Advisor's Opinion has been prepared solely for the convenience of

foreign shareholders of RATCH Group Plc. and should not be relied upon as the definitive and official document. The Thai language version of the Independent Financial Advisor's Opinion is the definitive and official document and shall prevail in all aspects in the event of any inconsistency with this English Translation.

AP. 018/2564

August 30, 2021

To

The Board of Directors and Shareholders

RATCH Group Plc.

Subject

Opinion of the Independent Financial Advisor on acquisition of assets

The Board of Directors' Meeting No. 8/2021 of RATCH Group Plc. ("the Company" or "RATCH"), held on August 24, 2021, granted the approval for the Company to propose the shareholders' meeting to consider and approve the investment in Paiton Energy Project at a total value of USD 809.60 million (or approximately Baht 25,421.68 million) by giving the approval for RH International (Singapore) Corporation Pte. Ltd. ("RHIS") (a subsidiary in which the Company indirectly owns a 100% stake through RH International (Mauritius) Corporation Ltd. ("RHIM") which is indirectly wholly owned by the Company through RH International Corporation Ltd. ("RHIC")) to enter into the transaction as follows:

  1. Purchase of 19,332 ordinary shares in PT Paiton Energy ("PE"), representing 45.515% of PE's issued and paid-up shares, from Mitsui & Co., Ltd. ("Mitsui"), which is not a connected person of the Company, at a price of USD 7 0 7 . 2 0 million (or approximately Baht 22,206. 29 million), with PE being the owner of two coal-fired thermal power plants (three power production units) with a combined capacity of 2,045 megawatts
    ("MW");
  2. Purchase of 2,275,750 ordinary shares in Minejesa Capital B.V. ("MCBV"), representing 45.515% of MCBV's issued and paid-up shares, from Paiton Power Financing B.V. ("PPF"), a juristic entity in which Mitsui holds 100% of the issued and paid-up shares, at a price of USD 53.50 million (or approximately Baht 1,679.92 million), with MCBV serving as a provider of funding sources for PE; and
  3. Purchase of 366,936,795 ordinary shares in IPM Asia Pte. Ltd. ("IPM"), representing 65.00% of IPM's

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Ratchaburi Electricity Generating Holding pcl published this content on 20 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 September 2021 10:21:00 UTC.


© Publicnow 2021
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