Bangkok--26 Feb--SET
The Stock Exchange of Thailand (SET) welcomes Crown Tech Advance PCL on its main board, the first new SET listing in 2014, on February 27, under the ticker symbol "AJD," having raised THB 250 million (approx. USD 7.68 million) via initial public offering (IPO).
SET Executive Vice President Chanitr Charnchainarong said that AJD would be listed in SET’s Home and Office Products sector. It was glad that SET had been a fundraising source to match financial opportunity for AJD, enabling it to grow effectively despite the economy’s slowing growth.
AJD imports and distributes electrical appliances under the brand of “AJ.” Product lines consist of Audio and Visual products, which are DVD players, audio, speakers, home theaters, and karaoke players; and Home Appliances, which are mobile air conditioners, refrigerators, washing machines, and hot water bottles. All AJD electrical appliance products are imported, then distributed mainly through Modern trade stores.
AJD has a paid-up registered capital of THB 300 million, consisting of 500 million existing and 100 million newly-issued shares, with a par value of THB 0.50 each. The company offered the newly-issued shares through an IPO at THB 2.50 per share on February 20-21, and 24, for a total of THB 250 million. Finnex Advisory Co., Ltd. is the company’s financial advisor and RHB OSK Securities (Thailand) pcl is the lead underwriter.
Amorn Meemano, Managing Director of AJD, said, “We are very pleased to list on SET, and will make the AJ brand stronger and earn a reputation for quality and reasonable price. Fund raised will be used for working capital and expansion.”
AJD’s three major shareholders after the IPO are the Amorn Meemano group (47.41%), Pipat Patiwetpinyo group (27.17%) and the Sompoch Burapasakul and Anek Pattanasadit groups (3.67% each). The IPO price had a price-to-earnings ratio of 47.61 times, calculated using net profits over the past four quarters (from the fourth quarter of 2012 to the third quarter of 2013), divided by the number of fully-diluted shares, representing earnings per share of THB 0.053. AJD's dividend policy is to pay no less than 40 percent of net profits after taxes and reserves.
For more information on AJD, 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.ajthai.com and www.set.or.th