Bangkok--7 Aug--SET
The Stock Exchange of Thailand (SET) welcomes Union Auction pcl to its Market for Alternative Investment (mai). The company will list and start trading on August 9 under the ticker symbol "AUCT", after raising THB220 million (USD 7 million) through an initial public offering (IPO).
Chanitr Charnchainarong, mai president, said: "Union Auction will be the eighth new listing on mai this year. It has auction centers for used cars, motorcycles, and other assets in demand, such as houses, land, stocks, furniture, electric appliances, and brand-name products. Most of its revenue is from auction service fees. The company has 14 auction locations in nationwide and provides an e-auction system in real time via the internet.”
AUCT has a paid-up registered capital of THB 137.50 million, with a par value of THB 0.25 each, consisting of 440 million existing common shares and 110 million newly-issued shares. The company sold new shares to the general public through an IPO on July 31 and August 1-2 at THB 2.00 per share, for a total of THB 220 million. Finnex Advisory Co., Ltd. is the company's financial advisor, while Country Group Securities pcl is the company's underwriters.Aekpittaya Iemkongaek, president of Union Auction, said: "Listing on mai will strengthen our capital and upgrade our operations from being a family business to a public company. This helps boost our competitiveness in the car auctions industry.”
AUCT's three major shareholders after the IPO are the Sila Family (55.20 percent), Seriwiwattana Family (5.64 percent), and Mr. Surathin Wilaschaiyan (4.05 percent). AUCT has a price-earnings (P/E) ratio) of 37.94 times, calculated using earnings per share over the last four quarters (from April 1, 2012 to March 31, 2013). The company's dividend policy is to pay no less than 40 percent of net profits after corporate taxes and reserves.
For more information on AUCT, 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.union-auction.com and www.mai.or.th