Bangkok--30 Aug--SET
The Stock Exchange of Thailand (SET) welcomes Communication and System Solution pcl on its main board, listing in the Commerce sector and will commence trading on September 3, under the ticker symbol “CSS”. The company has raised THB 600 million (approx. USD 18.8 million) to support future expansion plan and increase variety of products and services.
SET Executive Vice President Chanitr Charnchainarong said that CSS is Thailand’s leading electrical cable wire and the other electrical engineering products distributor. And they also offer designing, installing and maintenace services on telecommunication system and fire protection system.
CSS has a paid-up registered capital of THB 350 million, consisting of 500 million existing shares and 200 million newly-issued shares, with a par value of THB 0.50 each. Of the new shares issued, 190 million shares were sold via IPO and 10 million shares were issued to the company’s executives, directors, and employees during August 26 and 28, 2013 at THB 3.00 per share. Triple A Plus Advisory Co.,Ltd. is its financial advisor, while Finansia Syrus pcl is the firm‘s underwriter.
Sompong Kangsawiwat, CEO of CSS, said: “We are honored and pleased to raise funds and list on the Thai stock market. Proceeds of the fundraising will be used to build a warehouse and office building, and for working capital, helping CSS to grow even stronger.”
CSS' three major shareholders after the IPO are the Kangsawiwat family (33.02%), Mekmanee family (8.81%) and Itthisang family (6.21%). The IPO price was set at a price to earnings ratio of 13.38 times, calculated using net profits over the past four quarters (July 1, 2012 — June 30, 2013), equal to THB 0.22 baht per share, divided by the total common shares after the IPO. The average P/E ratio of Commerce Sector and related industry was at 26.65 times (between May 16 and August 15, 2013). CSS’ dividend policy is to pay no less than 40 percent of net profits after reserves.
For more information on CSS, 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.cssthai.com and www.set.or.th