This represents one of the few US dollar bond issuances from Thai corporates.

The bonds were offered under the company’s subsidiary, Indorama Ventures Global Services Ltd, and are guaranteed by the company.

In addition, IVL’s bonds are unrated and have a tenure of five years with an interest rate of 4.375 per cent per annum. Thet are also listed on the Singapore Exchange Securities Trading.

The transaction raised US$300 million (Bt9.151 billion) on the back of an order book which peaked at more than US$900 million (Bt27.453 billion).

Eventually, the final order book settled at US$650 million (Bt19.827 billion), representing a final oversubscription rate of more than twice the issue amount.

The bonds were allocated 66 per cent to Asian investors, with 34 per cent to EMEA investors. On the other hand, around 88 per cent of the allocation was given to fund managers, while the remaining 12 per cent is allocated to private banks, discretionary portfolio management accounts of private banks, and corporates.

This unprecedented success is a testimony to the confidence that the debt capital markets have in IVL, said a release from the company.

The proceeds of the bonds will be used for refinancing and to support future growth and the investment plans of IVL.

Sanjay Ahuja, the CFO of Indorama Ventures said, “We are very pleased with the response received from our maiden bond issuance in the international markets. The robust demand from the international investors shows their confidence in IVL’s strategy and growth prospects, as well as confirms our strong international profile and leading market position in the chemical industry. I want to thank the transaction team for their engagement and commitment to making the IVL debut a great success.”

Standard Chartered Bank acted as the sole global coordinator. ANZ, Bank of America Merrill Lynch, HSBC, and Standard Chartered Bank acted as joint lead managers and joint book runners.

IVL, listed in Thailand, is a leading petrochemicals producer, with a global manufacturing footprint across Africa, Asia, Europe and the Americas.

Eugene, who joined the company on September 16, has a strong background in the hospitality industry and speaks five languages: English, Malay, Mandarin, Cantonese and Hokkien. With more than 20 years of experience in Asia and the West, he is uniquely positioned to drive the development of an ambitious and fast-growing Asian hospitality business.

A graduate from the University of Michigan, Eugene’s career commenced in the US with New Great Wall Corp, a major F&B business, where he was instrumental in introducing new Asian dining concepts into the American market. As pre-opening & opening manager, he successfully grew the Genghis Khan Mongolian BBQ chain in the US, overseeing everything from contract negotiations and restaurant construction to staff recruitment and menu creation. By 2010, he had worked his way up to the position of assistant general manager of New Great Wall Corp, handling the daily operations of a multi-million dollar organisation.

In the following years, Eugene established himself in executive positions with global F&B companies such as Outback Steakhouse and Compass Group in the US, before he moved back to his native Malaysia to become group general manager for Secret Recipe, where he was tasked with executing a multi-brand expansion across Malaysia, Indonesia and Singapore.

Most recently, Eugene worked for Wine Collection in Thailand, initially as operations manager and later as country director of operations, leading the group’s entire operations in the country, covering 31 restaurants and 55 retail stores. He is now bringing his lifetime of expertise to the Akaryn Hotel Group, where he will report directly to the company’s pioneering founder and Managing Director Anchalika Kijkanakorn.

“I am delighted to welcome Eugene to Akaryn Hotel Group,” said Kijkanakorn. “As we enter an exciting new phase of development, he has many of the skills that will help drive the growth of our business into new markets. In the coming months, two of our much-loved hotel concepts will make their international debuts, with Aleenta being introduced to Bali and akyra arriving in Vietnam. This will undoubtedly set the ball rolling for future investments, and with Eugene’s skills, we will be able to maximise the many advantages of being a strong and independent hotel company in Asia’s thriving hospitality sector.”

Akaryn Hotel Group currently operates a collection of six luxury boutique hotels and resorts in Thailand, located in Bangkok, Chiang Mai, Phuket and Hua Hin. The company will make its international debut in 2020, with the launch of Aleenta Wellness Retreat Bali, followed by the opening of akyra Hoi An in 2021. It is also in the process of building up its domestic portfolio in Thailand, with akyra Rattanakosin Bangkok scheduled to launch in 2020 and Aleenta Wellness Retreat Chiangmai on track to make its debut in 2022.

In future, the company will continue to seek opportunities to expand Aleenta, its exclusive and intimate resort concept, and akyra, its cutting-edge boutique brand. Negotiations are already underway on at least three other properties, which are expected to be concluded by the end of this year. Under the group’s deep commitment to sustainability, every new hotel or resort opened by Akaryn Hotel Group will be 100 per cent free of single-use plastics.

Kavin Kanjanapas, the chief executive of BTS Group Holdings PLC, said he was “exceptionally pleased for BTS Group to be a privileged member of DJSI Emerging Markets index for the second time.” He said the achievement was due to “the company’s commitment to management discipline, which have been demonstrated in our prudent financial and investment practices, sustainable management policies and viable business progression covering all three sustainable dimensions of economics, social and environmental, as well as responsibility for all stakeholders.

“We have always strived to promote transparency in our business conduct and aim to create consistent value to our business that in turn delivers credible and incremental returns to our shareholders in the long run.”

BTS is among the most significant mass-transit services providers in Thailand and a privately-owned conglomerate.

The agreement follows a share purchase agreement signed in August in which a wholly-owned subsidiary of WHAUP will acquire a 34-per-cent stake in Duong River Surface Water Plant Joint Stocks Company (SDWTP), valued at approximately Bt2.76 billion.

“In Vietnam, with rapid expansion of the economy, demand for environmental businesses such as water production and waste water treatment is huge,” Do Thi Kim Lien, chairwoman of the board of directors of Aquaone Corporation, said at the signing ceremony.

“The mission of Aquaone is to be the pioneer in the sector and provide services for every single citizen in Vietnam. We are very happy and honoured to have WHAUP as our partner to fulfill that mission.”

Jareeporn Jarukornsakul, chairman and group chief executive of WHA Corporation PCL, said, “Today is an auspicious moment as it is the date on which Aquaone and WHAUP start our long-term collaboration to the develop water infrastructure business in Vietnam. The strategic cooperation agreement marks a significant step for Aquaone and WHAUP to join hands in improving the quality of life of the people of Hanoi today, via provision of quality clean water. We aim to expand the collaboration into other parts of Vietnam in the near future.”

Thailand’s Ambassador to Vietnam, Tanee Sangrat, said, “This strategic cooperation agreement … is another chapter for Vietnam-Thai investment cooperation in utilities businesses and paves the way for a new era in collaborations between the two countries.”

The signing ceremony was held just a day before a ceremony of kicking off the official commercial operation of phase 1B of the Duong River Water Treatment Plant on September 5. The project draws on German technology and will double the capacity of the plant from 55.0 million cubic metres per year to 110.0 million.

Pairote Cheunkrut, Head of Krungsri Auto Group, Bank of Ayudhya, said: “We have been able to jump from the Bt300-billion mark to the Bt400-billion mark within two years, thanks to our close working relationship with our manufacturer and dealer partners, our ability to provide well-rounded financial advice and the introduction of digital auto lending.”