Bangkok--28 Jul--SET
Market for Alternative Investment (mai), under The Stock Exchange of Thailand (SET) group, will list Prodigy pcl on July 29, under the ticker symbol "PDG." The company has a market capitalization at its initial public offering (IPO) of THB 756 million (approx. USD 24 million).
Prapan Charoenprawatt, mai President, said that PDG, a subsidiary of SET-listed Thai Vegetable Oil pcl (TVO), would spin off PDG to list on mai as the parent company realized the advantage of fund raising in the Thai capital market for business expansion and growth potentials.
PDG is a manufacturer of polyethylene terephthalate (PET) bottles for various products such as drinking water, fruit juice, vegetable oil, as well as fish sauce and seasoning ingredients. PDG takes utmost care in producing quality products of international standard with delivery punctuality and has gained trust from customers for over 20 years.
PDG has a paid-up registered capital of THB 135 million, consisting of 200 million existing common shares and 70 million newly-issued shares, with a par value of THB 0.50. It sold the new shares to the general public via initial public offerings (IPOs) at THB 2.80 during July 21-23 for the total of THB 196 million. Maybank Kim Eng Securities (Thailand) pcl is its financial advisor and lead underwriter.
Thongchai Tansutat, Managing Director of PDG, said the fundraising proceeds would be used to expand production capacity of PET bottles to meet higher customer demand and for market expansion. It would also be used for machinery purchase in order to boost efficiency, cost effectiveness, speed and quality, as well as working capital for future growth.
PDG's three major shareholders after the IPOs are Vitayatanagorn Family (49.69 percent), Santivattana Family (12.00 percent) and Siwanawin Family (2.52 percent). The IPO price was equivalent to price per earnings ratio (P/E ratio) of 13.14 times, calculated by using net profit of company in the last four quarters (second quarter of 2013 to first quarter of 2014) divided by fully diluted shares, representing earnings per share of THB 0.21. PDG's dividend policy is to pay no less than 50 percent of net profits after taxes and reserves.
For more information on PDG, 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.prodigy.in.th and www.mai.or.th.