WHA Group Successfully Issued Baht 5,000 Million Bond Reflecting Investor Confidence in WHA Group's Solid Performance with Sustainable Growth

Bangkok - WHA Corporation Public Company Limited (WHA Group) has received significant demand to Bond Issuance No.1/2023 with total offerings of Baht 5,000 million. This reflects solid Investor confidence in the Company’s strong fundamentals, robust financials, and definite sustainable business expansion plans.

Ms. Jareeporn Jarukornsakul, Group CEO, is confident that the Company will continue to grow in all 4 business hubs by focusing on business expansion and exploring new opportunities in Thailand and foreign countries as well as utilizing digital innovation and focus new smart technologies according to sustainable growth concept. Logistics Business shall continue to develop new projects capturing high-growth industries’ demand. Meanwhile, Industrial Estate Business shall continue business expansion both Thailand and foreign countries. For Utilities Business, the Company shall leverage its expertise to create new value-added products offering fully integrated water solution for both inside and outside industrial estates of both domestic and foreign countries. For Power Business, the Company shall develop and expand the business together with utilizing the innovative and sustainable solutions for power business operation. Furthermore, in Digital Business, the Company will become the spearhead in digital transformation of WHA Group and empowering business operations aiming to become a technology company in 2024. Furthermore, the asset monetization to WHA Premium Growth Freehold & Leasehold Real Estate Investment Trust (“WHART”) will be in Q4 2023 as planned.

Ms. Jareeporn Jarukornsakul, Chairman of the Executive Committee and Group CEO of WHA Corporation Public Company (WHA Group), reveals that the Company Bond Issuance No. 1/2023 totaling Baht 5,000 million, offering during 23 – 24, 27 March 2023 via 3 underwriters, namely Kasikorn Bank, Siam Commercial Bank and UOB Bank, has received strong demand of Institutional Investors and HNW. There are 2 tranches of bonds: the first with 3-year term matured in 2026 amounting Baht 3,800 million; and the second with 5-year term matured in 2028 amounting Baht 1,200 million. The fixed interest rates for 2 bond tranches are 3.00% and 3.35%, respectively. The successful bond issuance also reflects Investors’ confidence in WHA Group’s as a leading developer of Logistics Properties, Industrial Estates, Utilities & Power, and Digital Solutions in Thailand and Vietnam due to outstanding performance, committed management, strong fundamentals, sustainable and continuous business expansion plans, solid financial position, demonstrated financial discipline and efficient financial management. With the proceeds raised from the issuance, the Company shall repay existing debt, and/or utilize for working capital/capital expenditure to support its business operations.

Tris Rating Co. has assigned WHA Group’s bond No. 1/2023 “A-" rating with “Stable” outlook, as of 3 March 2023. This rating reflects a strong competitive position and track record in Logistics Business and Industrial Estates Business. The rating also incorporates a sizable base of recurring income from Rental Properties Business, Utilities Business, and Power Business as well as a financial flexibility from the ability to monetize its assets to real estate investment trusts (REIT).

Ms. Jareeporn said “In 2023, the Company will continue to grow in all 4 business hubs by focusing on business expansion in Thailand, exploring new opportunities in foreign countries as well as utilizing digital innovation and focus new smart technologies according to sustainable growth concept to enhance business operation. For Logistics Business, the Company shall continue develop new projects capturing high-growth industries’ demand, especially in EV, e-commerce and healthcare including the use of innovations and technologies such as Quantum Computing, Internet of Things (IoT), Data Analytics, etc. Moreover, the Company develops transportation systems under the Green Logistics concept and builds long-term partnerships. For Industrial Estates Business, the Company is developing 2 new industrial estates in Thailand including WHA Industrial Estate Rayong – Phase 1 and WHA Saraburi Industrial Land 2. Furthermore, there are 2 more expansion projects comprising WHA Eastern Seaboard Industrial Estate 4 and WHA Rayong 36 Industrial Estate. For Vietnam, the Company will expand construction in WHA Industrial Zone 1 - Nghe An Phase 2 after the positive responses from Phase1 investor. The Company has also signed Memorandums of Understanding (MOU) with Vietnam Province authorities to develop another 2 industrial zones are WHA Smart Technology Industrial Zone - Thanh Hoa and WHA Smart Eco Industrial Zone – Quang Nam. In Utilities Business, the Company will continue to expand products and solutions focusing on value-added water products. The Company has commenced the operation of new water treatment plant and wastewater treatment facility in order to support water demand growth both inside and outside industrial estates of domestic and foreign countries. In terms of its Power Business, the Company aims to enlarge its portfolio and will continue to implement innovative and sustainable practices while seeking new opportunities with new S-Curve businesses such as Battery Energy Storage Systems (BESS), Hydrogen, Carbon Trading and Carbon Capture Utilization and Storage (CCUS). Pertaining to its Digital business, the Company will continue to be a leader in integrated digital innovations and technologies across its business hubs in order to increase efficiency to access, digital security and empower the competitiveness to meet the customers’ satisfaction and attract new ones. Utilizing the technology digital across all business hub shall support and empower the Company’s business growth to become a technology company in 2024.

Moreover, the Company will monetize assets to WHA Premium Growth Freehold & Leasehold Real Estate Investment Trust (WHART) in Q4 2023, as planned.

As an ongoing measurable benchmark according to its slogan, WHA Group shall continue to strive, across all businesses, to be “The Ultimate Solution for Sustainable Growth” by creating new value-added products and services via innovative sustainability solutions and business platforms, combined with an infrastructure base.”