Wind Energy Holding Co (WEH), Thailand's leading renewable energy company, will sell shares to foreign funds over the next two months as part of its restructuring.
The shares represent the 45% stake of former chief executive Nopporn Suppipat, who was implicated in the criminal network of former Central Investigation Bureau chief Pongpat Chayapan.
The move is aimed at improving the company's image and clearing the path for WEH to be listed on the Stock Exchange of Thailand (SET) by the second quarter as planned.
Phongsak Siricupta, managing director of SET-listed construction company Demco, which holds 4% of WEH, said the company was in talks with two foreign funds interested in buying the shares.
"There are a couple of international equity funds that are in talks to buy the stake. We expect the deal to be sealed within two months," he said.
Mr Nopporn, who fled Thailand to an undisclosed country, is wanted on several charges including lese majeste, extortion and intimidation. He was ranked by Forbes Thailand as the 31st-richest person in Thailand.
The criminal case caused funding problems for WEH when banks, which had previously agreed to provide loans of around 10 billion baht for the company's investments, had to review their decisions.
"We have had chats with several banks to say that our company shareholders' restructuring plan is on track, and the banks understand us well. They will provide us with the loans as planned," said Pitoon Gumchai, Demco's chief financial officer.
WEH's initial public offering is expected in the first quarter of 2016.
