Bangkok--21 Nov--SET
The Stock Exchange of Thailand (SET), will list Vichitbhan Palmoil pcl, a crude palm oil manufacturer and distributor, on November 24, under the ticker symbol "VPO” in the Agro & Food Industry, Agribusiness sector. The company has a market capitalization at its initial public offering (IPO) of THB 2.54 billion (approx. USD 76.9 million).
SET Executive Vice President Chanitr Charnchainarong said, “Vichitbhan operates two crude palm oil plants in Chumphon, Thailand southern province, with a total production capacity of 180 tons of oil palm kernel per hour. The company also owns three subsidiaries in related businesses such as oil palm plantation, power plant fueled from production waste, transportation for palm oil and its by-products. VPO is one of Thailand’s top palm oil exporter with its own channel for exports.”
VPO has a paid-up registered capital of THB 940 million; consisting of 800 million existing common shares and 140 million newly issued shares, with a par value of THB 1.00. The company offered 236 million shares to the general public via IPO during November 14 and 17-18 at THB 2.70 per share, for a total raised fund of THB 378 million. The Quant Group Co., Ltd. is its financial advisor. While Maybank Kim Eng Securities (Thailand) pcl is its financial advisor and underwriter.
Vichitbhan Managing Director Krisada Chavananand said we are delighted and honored to be listed on SET as this would be an important step to enhance our corporate image and financial position. The fund raised would be used partially for debt repayment and the rest would be used as working capital to further expand company business in the future.
VPO's three major shareholders after the IPO are Chavananand group (75.53 percent), Wichitphan Klaiubon (0.43 percent) and Sasomsap group (0.42 percent). The IPO price has an equivalent to price per earnings ratio (P/E ratio) of 24.13 times, calculated by using the company's net profit in the past four quarters (Q4 2013 - Q3 2014) divided by fully diluted shares, representing earnings per share of THB 0.11 compared to SET’s 12-month average P/E ratio of 16.60 times (November 11, 2013 to November 10, 2014). VPO's dividend policy is to pay no less than 40 percent of net profits its standalone financial statement) after taxes and reserves.
For more information on VPO, 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.vcbpalmoil.com, as well as www.set.or.th.
For more information, please contact S-E-T Call Center +66 (0) 2229 2222.
Members of the media should contact the Public Relations Unit, Corporate Communications Dept.:
Kanokwan Khemmalai, tel: +66 (0) 2229 2048 / Arada Kultawanich, tel: +66 (0) 2229 2796.