Hunton & Williams Assists Vintage Engineering in Capital Increase Transaction

Vintage Engineering Public Company Limited (VTE: Bangkok) is a Thai-listed company with integrated businesses in power and utilities development across Thailand and internationally. The firm assisted with the issuance and allocation of 50,000,000 newly-issued ordinary shares to offer for sale in a private placement under the Securities and Exchange Act to Macquarie Bank Limited and the offering for sale of 141,604,288 newly-issued ordinary shares in a rights offering to the existing shareholders by means of a General Mandate in aggregate value of THB 333 million (US$9.5 million).

This capital increase will be used to accommodate its current operation and/or the repayment of existing debts as well as to support the construction of two power plant projects comprising a 220 MW installed capacity solar power plan in Myanmar and a 25 MW installed capacity solar power plan in the Philippines, which are expected to complete in 2018.

The transaction was completed on 23 August 2017. As issuer’s counsel, Hunton’s team counseled VTE in relation to the rules and regulations of the Securities and Exchange Commission and the Stock Exchange of Thailand, as well as the Public Limited Companies Act. The team was led by counsel Yaowarote Klinboon, senior attorney Kamonwan Sivaraksa and associate Teerasak Petchpaibool