Bangkok--23 Mar--SET
The Stock Exchange of Thailand (SET) will list the Platinum Group pcl, a leasing and property developer of the Platinum Fashion Mall and Novotel Bangkok Platinum Pratunam Hotel on March 24, under the ticker symbol “PLAT”. The company has a market capitalization at its initial public offering (IPO) of THB 20.72 billion (approximately USD 627.89 million).
SET Executive Vice President Chanitr Charnchainarong said PLAT would list and start trading on SET’s Property Development sector, Property & Construction industry on March 24. The company has been in the business of property development and leasing of wholesale and retail shopping mall as well as hotel, consisting of three projects: 1) The Platinum Fashion Mall 2) Novotel Bangkok Platinum Pratunam Hotel under Accor Group management 3) the Wharf Samui, a community mall on an island in the southern part of Thailand, officially opened in January this year.
PLAT has a paid-up registered capital of THB 2.8 billion, consisting of 2,100 million existing common shares with a par value of THB 1 each and offering 700 million newly issued shares to the general public via IPO during March 12,13 and 16, at THB 7.4 each, for a total of THB 5.18 billion. Maybank Kim Eng Securities (Thailand) pcl is its financial advisor and underwriter.
PLAT Managing Director Somboon Wongrassamee said the fund raised would be used for business expansion according to the company’s investment plan 2015-2020. This listing would boost the company’s capabilities to become a leader in the industry. The company has planned to launch three new projects namely The Market by Platinum, an innovative shopping mall in Ratchaprasong downtown Bangkok area, in 2017 ; the Holiday Inn Express Hotel and Holiday Inn Resort Hotel on Samui island (in 2017 and 2018 respectively). The hotel projects would expand customer base to attract Thai and foreign tourists to one of Thailand’s most famous travel destination, bringing in income and enhancing tourism industry.”
PLAT's three major shareholders after the IPO are Chotjurangkool group (47.09 percent), Vichitthanarak Group (11.27 percent) and Limpiwiwatkool Group (8.02 percent). The IPO price was set by a book building process and equivalent to price per earnings ratio (P/E ratio) of 47.47 times. PLAT's P/E ratio was calculated by using the company's net profit in 2014 divided by fully diluted shares, representing earnings per share of THB 0.16. The average P/E ratio in the industry in the past six month was 20.49 times (from September 1, 2014 to February 28, 2015). PLAT's dividend policy is to pay no less than 40 percent of net profits after taxes and reserves. Meanwhile, The shareholders’ meeting on February 16, 2015 approved the dividend payment of THB 0.062 per share and scheduled the 2015 Annual General Meeting on (AGM) April 28, 2015, after the listing on SET. During the AGM, the names of shareholders entitled to receive dividend payment will be collected.
For more information on PLAT, 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.theplatinumgroup.co.th , as well as www.set.or.th .
Members of the media please contact the Public Relations Unit, Corporate Communications Dept: Arada Kultawanich tel: +66 (0) 2229 2796 / Darawan Maleesri tel: +66 (0) 2229 2798 / Kanokwan Khemmalai tel: +66 (0) 2229 2048.