Bangkok--19 Sep--SET
The Stock Exchange of Thailand (SET) welcomes Fortune Parts Industry pcl to its Market for Alternative Investment (mai). The company will list and start trading on September 20, under the ticker symbol "FPI," with a market capitalization at its initial public offering prices of THB 1.03 billion (approx. USD 33 million).
FPI manufactures and exports high quality automotive parts and also is a distribution center of automotive parts, both of replacement equipment manufacturing (REMs) and original equipment manufacturing (OEMs). It also provides plastic mold design and plastic injection, as well as ABS chrome plating, and painting, finishing and assembly. Currently, the company focuses on overseas markets.
Chanitr Charnchainarong, President, Market for Alternative Investment (mai), said: “Thanks to its 20-year experience and expertise in auto parts industry, FPI is Thailand’s leading manufacturer of plastic parts for auto replacement equipment, especially for one-ton pickup trucks of Japanese brands. The company produces a full range of auto plastic parts and is Asia’s distribution center of auto parts. Listing on mai is a great opportunity for FPI to access funding for its expansion. In addition, FPI is the first company listing under the ‘A new listing, a pride of the province’ program, jointly organized with the Securities and Exchange Commission.”
FPI has a paid-up registered capital of THB 295 million, with a par value of THB one each, consisting of 232 million existing common shares and 63 million new shares. It sold 60 million shares via IPO, and 3 million shares to the company’s directors and employees at THB 3.50 per share, for a total of THB 220.50 million during its IPO on September 10-12. The fundraising proceeds will be used for expanding the firm’s factory and warehouse, buying machinery, debt repayment, and working capital. Finansia Syrus pcl is the company’s financial advisor and its underwriter.
Sompol Tanadumrongsak, Managing Director of Fortune Parts Industry pcl, said: “FPI is delighted to be a mai-listed company. Currently, FPI sells more than 45,000 automotive parts and is recognized by customers from more than 110 countries around the world. This fundraising will boost the company’s competitiveness, as the proceeds will be used to expand our factory and warehouse to cope with the continued growth of the Thai automotive industry.”
FPI's three major shareholders after IPO are Tanadumrongsak Group (78.68 percent), Mr. Min Tieanworn (0.24 percent), and Mr. Min Intanate (0.14 percent). It has a price per earnings ratio (P/E ratio) of 11.77 times, calculated using earnings per shares during July 1, 2011 - June 30, 2012. The company’s dividend policy is to pay no less than 30 percent of net profits after corporate taxes and reserves.
For more information on FPI, 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.fpiautoparts.com and www.mai.or.th
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