Bangkok--25 Oct--SET
The Stock Exchange of Thailand (SET) will list Sahakol Equipment pcl, a full-scale mining solutions provider on October 26, under the ticker symbol "SQ". The company has a market capitalization at its initial public offering (IPO) of THB 3.62 billion (approx. USD 103 million).
SET Senior Executive Vice President Santi Kiranand said that SQ would list on SET in Property & Construction industry, Construction Services sector. SQ has provided full-scale mining services from planning, consulting, open-pit mining operation, mining infrastructure construction, as well as heavy duty machine rental and maintenance.
SQ's three projects currently operating with no less than 10-year contract each consisted of Mae Moh mine in Lampang in the northern part of Thailand under the Phase 7 and 8 contracts, as well as Hongsa mine in Hongsa, Laos.
SQ has a paid-up registered capital of THB 1.13 billion, consisting of 750 million existing common shares and 380 million newly issued shares, with a par value of THB 1 each. During October 14, 17-18, 2016 it offered newly issued shares to institutional investors, underwriters' benefactors and SQ's benefactors at THB 3.2 each, for a total of THB 1.22 billion. Siam Commercial Bank pcl and Maybank Kim Eng Securities (Thailand) pcl are the financial advisors, while SCB Securities Co., Ltd. and Maybank Kim Eng Securities (Thailand) are the joint-underwriters.
SQ Chief Executive Officer Sasavat Sirison said that this listing would strengthen the SQ group's financial capabilities. The fund raised would be used to invest in the Phase 8 of Mae Moh mine project in Lampang and as working capital.
SQ's three major shareholders after IPO are Sirison family (28.63 percent), Areekul family (18.58 percent) and Devakula family (6.20 percent).The IPO price was set by a book building process, equivalent to price per earnings ratio (P/E ratio) of 21.74 times. SQ's P/E ratio was calculated by using the company's net profit in the past four quarters (July 1, 2015-June 30, 2016) divided by fully diluted shares, representing earnings per share of THB 0.15. SQ's dividend policy is to pay no less than 40 percent of net profits (from the separate financial statement) after taxes and reserves.
For more information on SQ, please see the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th and general information at the company's website at www.sahakol.com , as well as www.set.or.th .
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