Following the analyst conference in the morning session, WHA Corporation is expecting that the favourable market conditions could be pushing its plan to list its industrial development unit by two to three years. The reconsideration will be made once market conditions improve and the IPO price is justified.
Earlier today, WHA Corporation Public Company Limited (SET: WHA) announced a postponement of its plan to list WHA Industrial Development Public Company Limited (WHAID) on the Stock Exchange of Thailand.
This decision emerged from a meeting of the Board of Directors on March 14, 2025. Initial plans involved offering ordinary shares of WHAID and issuing new shares to its directors, management, and employees. However, current economic and capital market volatility, alongside input from stakeholders, led the board to defer the listing to ensure the decision aligns with the best interests of the company and its shareholders.
The volatile market environment, shaped by both domestic and global influences, prompted the withdrawal of the proposed share allocation at the upcoming 2025 Annual General Meeting. In parallel, the restructuring of the company’s holdings in WHA Utilities and Power Public Company Limited (WHAUP) has also been delayed, maintaining its 71.59% position through WHAID and its subsidiary, WHA Industrial Development International (SG) Pte. Ltd.
Despite the postponement of its unit, WHA remains focused on its investment plan with 20 billion baht of CAPEX set for 2025, while debt to equity ratio is expected to hover around 1.2x.
Additionally, WHA stated that there will be no one-off items related to capital gain tax and restructuring this year. The company also estimated 700 rai of land presales in 1Q25. The company recorded 629 rai of land sales in 1Q24.
