Bangkok--23 Nov--SET
The Stock Exchange of Thailand (SET) welcomes JMT Network Services pcl to its main board. The company will list in the finance and securities sector and start trading on November 27 under the ticker symbol "JMT," with a market capitalization at the initial public offering (IPO) price of THB 1.2 billion (approx. USD 38.7 million).
JMT is a leading non-performing debt collection and management company. Its main businesses including used car hire-purchase service.
"JMT is a subsidiary of Jay Mart pcl (JMART) using spin-off strategy to boost opportunities for business expansion. Jay Mart has seen the importance of building financial strength and is boosting the flexibility of its subsidiary to reach funding sources,” said SET Executive Vice President Chanitr Charnchainarong.
The company has a paid-up registered capital of THB 300 million, consisting of 225 million existing shares and 75 million newly-issued shares with a par value of THB 1.00 each. JMT offered 45 million shares to existing shareholders of its parent firm JMART during November 12-14, and 30 million shares via IPO on November 19-21 at THB 4.00 per share, for a total of THB 300 million. Asia Plus Advisory Co., Ltd. is its financial advisor and Asia Plus Securities pcl is its underwriter.
Piya Pong-acha, CEO of JMT, said; "Proceeds from the fundraising will be used to buy and manage non-performing assets, expand our hire-purchase business, and for working capital. This is in line with the growth trend of retail and hire-purchase loans in the industry. The company aims to maintain its leadership position in non-performing debt collection and management services.”
JMT's three major shareholders after the IPO are JMART (75.00%), Mr. Chaidate Hongladarom (1.07%) and Mr. Adisak Naknouvatim (0.98%). The IPO price was set at THB 4.00 per share, with a price to earnings ratio (P/E) ratio) of 13.8 times, calculated using earnings per share at THB 0.29, with net profits based on its 12-month performance during July 1, 2011 - June 30, 2012, while using 300 million fully-diluted shares after its IPO. Its dividend policy is to pay no less than 50 percent of net profits after reserves.
For more information on JMT, 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.jmtnetwork.co.th and www.set.or.th