Bangkok--3 Jan--SET
The Stock Exchange of Thailand (SET) kicks off 2014 by welcoming AI Energy pcl, producer and distributor of biodiesel from crude palm oil, to its Market for Alternative Investment (mai). The company, with a market capitalization of THB 5.34 billion (approx. USD 163 million), will list and start trading on January 6 as mai’s first listing of the year, under the ticker symbol "AIE."
Chanitr Charnchainarong, mai President, said that AIE was a subsidiary of Asian Insulators pcl (AI), which realized the growth potential of the alternative energy business, and therefore decided to spin off AIE and list it on mai. The company is listed under mai’s market capitalization rule, paving the way for companies having a market capitalization of more than THB1 billion to list on mai. AIE produces and distributes biodiesel refined from palm oil, manufactures palm olien oil under the “PAMOLA” brand, and sells raw materials and by-products of biodiesel production, such as palm acid oil and glycerin. AIE has a paid-up registered capital of THB 1.13 billion, with a par value of THB 1.00 each, consisting of 960 million existing common shares and 170 million newly-issued shares. It sold a total of 445 million shares during its initial public offering, of which 250 million went to AI’s shareholders, and 195 million to the general public at THB 4.75 per share. Asset Pro Management Co., Ltd. is the company's financial advisor, while Capital Nomura Securities pcl, Finansia Syrus Securities pcl, and Phillip Securities (Thailand) pcl are its underwriters.Anurag Thareratanavibool, managing director of AIE, said that the company felt honored and very pleased to be listed on mai. The funds raised would be used to buy machinery, improve the firm’s biodiesel production process, as well as to increase raw material inventory, thus boosting the company’s growth prospects. AIE's three major shareholders after the IPO are AI (59.59 percent), Thareratanavibool Group (12.36 percent), and Jarunee Worakitjanuwat (0.66 percent). The IPO price had a price/earnings ratio (P/E) of 31.36 times, calculated using estimated earnings in 2013 divided by the number of fully-diluted shares, equivalent to earnings per share of THB 0.15. The company reported a net profit of THB 137.27 million in January-September, 2013. Its dividend policy is to pay no less than 40 percent of net profits after corporate taxes and reserves.For more information on AIE, 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.aienergy.co.th and www.mai.or.th
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