25 June 2020

Saha Pathana Inter-Holding Public Company Limited (“SPI”) successfully issued 4 series of Senior Unsecured Debentures No. 1/2020 totaling THB 5,000 million, ensuring Saha Group’s strong financial credibility and raising investor confidence in the financial market and Thai economy, even during times of crisis.

Saha Pathana Inter-Holding Public Company Limited (the “Company” or “SPI”) revealed the successful debenture offering and issuance of THB 5,000 million on June 25, 2020. TRIS Rating affirmed the rating at “AA” with “Stable” outlook to SPI and its issued debentures which were offered to institutional and high net worth investors. Bangkok Bank Public Company Limited and Bank of Ayudhya Public Company Limited were appointed as the joint-lead arrangers for this transaction.

Mr. Vichai Kulsomphob, President of Saha Pathana Inter-Holding Public Company Limited, said “We would like to express our sincere appreciation to all investors for their trust and overwhelming interests in our debentures amid volatile financial market. At first, there was also a concern regarding level of debenture subscription by investors due to less favourable market sentiment over recent months, where an investor roadshow was required to be conducted using electronic media (e-roadshow) via VDO conference. However, we received warm-welcoming response from investors with overall bid-coverage-ratio of 5 times. The bid-coverage-ratio of some series even reached 11 times, reflecting investors’ confidence in SPI’s business. This enabled us to achieve our financing goals at reasonable costs. The proceeds from this debenture issuance will be used for working capital and/or for investments and/or for restructuring short term debt. The debenture offering is viewed as an alternative fund-raising tool to support our business growth going forward.”

One of the large institutional investors added that “It is relatively a rare event for a company to still maintain its debenture with “AA” rating under an unprecedented situation of COVID-19 pandemic. We, therefore, are very pleased to become an investor of SPI’s issued debentures, considering its outstanding performance and our trust in SPI’s new-generation management team who are willing to support relevant information to investors and have a proven track record of achievements since the successful consolidation and restructuring of its food operations made during the past 3-4 years. SPI management highly address us about its philosophy for conservative business policies with reasonable level of debt. This makes us consider our investment as worthwhile as gold investment with stable return or a safe haven with low level of risk.”

Finally, SPI would like to send our encouragement to companies with superior operating results and sincere management to entrust the issuance of corporate debenture during this period. This will in turn provide substantial liquidity to help stimulate the domestic economy in circulation and towards a sustainable development. We strongly believe that our cautious financial policy and prudent business strategy, with good governance and resilient organization under the solid establishment of Saha Group, will strengthen our ability to always move forward together alongside Thai society.”