CK Power Public Company Limited (the “Company”) has invested in different types of power plant projects, not only in Thailand but also in the ASEAN region, with commitment to providing optimal, stable and fair returns for shareholders, partners and other stakeholders, in parallel with continuously giving priority to environment, communities and concerned parties of all groups, which have reflected in our satisfactory results of operations in 2018.
In 2018, the Company successfully completed several initiatives, including the reduction of the Company’s finance cost through the issuance of the debentures to refinance the existing debentures, with TRIS Rating Co., Ltd. affirming the Company’s corporate rate at “A/Stable”, the continued reduction of the finance cost of the Nam Ngum 2 Hydroelectric Power Project by the issuance of debentures 1/2018 for repayment of the existing loans, as well as the completion of construction of the Nabong Substation according to schedule. Additionally, the Company continued to look for business opportunities to generate sustainable revenue through an increase in investment percentage in the Xayaburi Hydroelectric Power Project by another 7.5 percent by means of acquisition of shares from Bangkok Expressway and Metro Public Company Limited, which increased the Company’s shareholding percentage in the Xayaburi Hydroelectric Power Project by 37.5 percent. Xayaburi Hydroelectric Power Project was 97 percent complete as at the end of 2018 and would commence the Commercial Operation in the fourth quarter of 2019 as planned. Moreover, the Company further invested in solar rooftop and solar farm power projects under operation of Bangkhenchai Co., Ltd., totaling six projects, for production and distribution of electricity to various alliances in Phra Nakhon Si Ayutthaya, Samut Sakhon, Nakhon Pathom and Chachoengsao Provinces, with construction commencing in the third quarter of 2018. It is expected that all projects would be completed and ready for commercial operations within 2019.
The Company firmly believes that our strong operating results have been driven by quality management systems based on good corporate governance. The Company therefore prioritizes the development of people within the group companies and power plants to enhance operating standard and ensure consistency and compliance with the constantly changing and developing regulations. 2018 marked the first year in which the Company achieved the scores of 100 percent from the assessment of the quality of the Annual Ordinary General Meeting of Shareholders (AGM) by the Thai Investors Association and also received an “Excellent” rating from Corporate Governance Report of Thai Listed Companies 2018 published by the Thai Institute of Directors Association. These achievements are proud representations of the Company’s relentless drive for sustainable and stable growth.
Furthermore, the Company prioritizes building of a long lasting sustainable relationship with the communities, societies and the environment as it recognizes the importance of contributing and being part of them. In doing so, the Company not only supports enhancement of the quality of life in the communities adjacent to the power plants, but also aims to serve as part of the mechanisms to drive and share the prosperity to remote rural communities of the country. The Company achieves these objectives through the Company’s Hing Hoi projects, where the Company applied its engineering knowledge for social contributions and, at the same time, gained stronger volunteering spirits among all executives and staff. The Hing Hoi projects have been done for the third year in a row. In 2018, the Company has implemented the Hing Hoi project, in association with the Border Patrol Police Sub-Division 33, to construct the school building and appurtenant structures under the energy-saving concept for the Ban Mae Munai Border Patrol Police Learning Center, Tambon Mae Na Chon, Amphoe Mae Cham, Chiang Mai Province. On January 22, 2019, Her Royal Highness Princess Maha Chakri Sirindhorn graciously presided over the opening ceremony of the Ban Mae Munai Border Patrol Police Learning Center Patronized by CK Power Public Company Limited, which was the immeasurable royal grace and the greatest honor for the Company, executives and staff.
On behalf of all directors, executives, and employees, I would like to extend my thanks to all of our shareholders, alliances, and stakeholders of all sectors for your trust in and continued support to the Company and its potential. Please rest assured that the Board of Directors, the management team and all staff are fully committed to devoting themselves to the successful development of the organization, adhering to the good corporate governance practice, and being responsible for all stakeholders. This is to generate a steady growth and a good returns for shareholders, as well as to play a part in enhancing stability of the energy sector of the country, while also taking part in developing society, communities and the environment to achieve sustainability.