Bangkok--29 May--SET
The Stock Exchange of Thailand (SET) welcomes Asia Aviation pcl to its main board and will list and start trading it on May 31, under the ticker symbol “AAV,” with market capitalization at the initial public offering (IPO) prices of THB 17.95 billion (approx. USD 564 million).
AAV is a holding company which solely owns 55 percent of low-cost carrier Thai AirAsia, an affiliate of Malaysian-based budget carrier Air Asia Bhd. Thai AirAsia currently has 24 Airbus A320s to serve short-haul direct routes, covering 25 cities in eight Asian countries from three aviation hubs -- Bangkok, Chiangmai, and Phuket.
The company has a paid-up registered capital of THB 485 million, with a par value of THB 0.10 each. It has sold 750 million new shares at THB 3.70 each on May 23- May 25. Its underwriters are CIMB (Thailand) Securities Co., Ltd, Credit Suisse (Singapore) Limited, and Thanachart Securities (Thailand), pcl which is also the company's financial advisor.
"The listing of AAV will further raise our market capitalization and boost the attractiveness of the Thai capital market as a whole. The aviation industry has high potential growth, mainly supported by economic expansion and expanding populations and cities in Asia. We believe that the listing of AAV will be an attractive alternative for investors,” said Chanitr Charnchainarong, SET's Executive Vice President.
Tassapon Bijleveld, CEO of AAV, said; "It is a great pleasure to become a listed company on SET. AAV is a holding company investing in only Thai AirAsia, which is Thailand’s leading low-cost airline. The fundraising will help expand Thai AirAsia’s fleet to cope with the higher demand for air travel.”
AAV’s dividends must consider many factors, including the company’s performance, liquidity, cash flow, financial status; conditions and limitations stated in loan contracts, bonds, and other related contracts; AAV’s business plan and capital needs, and is subject to approval of AAV’s board.
AAV's three major shareholders after the IPO are Tassapon Bijleveld (41.25 percent) and the company’s four senior executives (7.50 percent each), namely, Bovornovadep Devakula, Pornanan Gerdprasert, Preechaya Rasametanin, and Tanapat Ngamplang.
For more information on AAV, 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.aavplc.com and www.set.or.th