Bangkok--5 Aug--SET
The Stock Exchange of Thailand (SET) welcomes Pace Development Corporation pcl to its main board, listing in the Property Development Sector and starting trading on August 7 under the ticker symbol "PACE," with a market capitalization of THB 7.19 billion (approx. USD 232 million).
SET Executive Vice President Chanitr Charnchainarong said that PACE is the second Thai company listing on SET under the market capitalization rule, which allows a firm worth more than THB 5 billion to list its common stocks. PACE is building the MahaNakhon project on Narathiwas Road, Bangkok, which is a mixed-use project, comprised of the five-star hotel “Bangkok Edition,” luxury residence “The Ritz-Carlton Residences Bangkok,” and shopping centers “Retail CUBE” and “Retail Hill.”
PACE has a paid-up registered capital of THB 2.05 billion, consisting of 1,454.3 million existing shares and 600 million newly-issued ones, with a par value of THB 1.00 each. PACE offered its new share issue via an IPO on July 29-31 at THB 3.50 per share, for a total of THB 2.1 billion. Asia Plus Securities pcl is its underwriter.
Sorapoj Techakraisri, CEO of PACE, said; "Fundraising proceeds will be used to buy land for a property development in Hua Hin and a condominium project on Luang Suan road, repay debt; purchase shares and transfer debt of its subsidiaries PACE Real Estate Co., Ltd., PACE Project One Co., Ltd., PACE Project Two Co., Ltd., and PACE Project Three Co.,Ltd, , which are jointly controlled by IBC Thailand, and as working capital.
PACE's three major shareholders after the IPO are the Techakraisri group (55.2%), Apichart Kasemkulsiri (4.4%), and Siriorn Isarangkul Na Ayudhya (3.9%). The IPO price was set at THB 3.50 per share, with a price to earnings ratio of 15.8 times, calculated using estimated average earnings per share of MahaNakhon project from 2013-2016 which is 0.22 baht. Its dividend policy is to pay no less than 40 percent of net profits after reserves.
For more information on PACE, 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.pacedev.com and www.set.or.th