Bangkok--28 Sep--SET
The Stock Exchange of Thailand (SET) welcomes Asia Precision plc to the main board. The company will list and start trading on September 29, under the ticker symbol “APCS,” after it raised THB 408.75 million (approx. USD 13.10 million) through an initial public offering (IPO).
APCS manufactures high-precision metal parts and components for the automotive, camera, and compressor industries. It has a paid-up registered capital of THB 300 million, with a par value of THB 1 each. It sold 75 million new shares at THB 5.45 each on Sept. 21-23.
Advisory Plus Co., Ltd. is the company’s financial advisor and Kasikorn Securities plc is its underwriter.
Chanitr Charnchainarong, SET’s Chief Issuer & Listing Officer, said: “APCS is the second listed firm benefiting from the collaboration of the SET and Thailand’s Board Of Investment. The company will be exempt from corporate income tax for the four years since it listed until September 2015. This will help enhance its efficiency and profitability.”
Apichart Karoonkornsakul, APCS’s President, said: “We are pleased to become a listed company on Thailand’s stock exchange. The listing will strengthen our business, as the funds from the IPO will be used to buy machinery and for plant construction, working capital and debt repayment. We strongly believe that we will receive a warm welcome from institutional investors and the public,”
APCS’s revenues have grown continuously. In the first six months of 2011, its revenues were THB 482 million, up from THB 436 million a year earlier. 2010 revenues also rose to THB 908 million, up from THB 610 million earned in 2009, Apichart added.
The P/E ratio of the precision metal producer at its IPO price was 9.32 times, while its dividend policy is to pay no less than 40 percent of net profits after taxes and legal reserves. Its two major shareholders after the IPO are Karoonkornsakul family (63.28 percent) and Sumitomo Corporation Equity Asia (4.08 percent).
For more information on APCS, 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.asiaprecision.com and www.set.or.th