Bangkok--11 May--SET
Market for Alternative Investment (mai) will list ASN Broker pcl, an insurance broker, on May 12, under the ticker symbol "ASN." The company has a market capitalization at its initial public offering (IPO) of THB 780 million (approximately USD 22.03 million), being the first insurance broker to be listed on mai.
mai President Prapan Charoenprawatt said that ASN would list and start trading on mai in the Financials Industry Group. The company operated business as a direct non-life insurance broker mainly focusing on motor insurance with 148 telemarketing agents, its subsidiary also provided life insurance broker with 30 telemarketing agents at end-2015. ASN had 16 non-life insurance partners and two life insurance partners.
ASN has a paid-up registered capital of THB 65 million, consisting of 100 million existing common shares and 30 million newly issued shares, with a par value of THB 0.50 each. During April 27-29, it offered newly issued shares to the general public via IPO, at THB 6.00 each, for a total of THB 180 million. Triple A Plus Advisory Co., Ltd.was the financial advisor, while KGI Securities (Thailand) pcl was its underwriter.
ASN Chief Executive Officer Thawatchai Lertrungruang said that the fund raised would be used to further develop information technology, database management systems and e-commerce platform project and open up new selling channels, making it convenient for customers. It will also be used to increase a number of telemarketing agents, and enhance business opportunities, aiming to capture larger market share in the future. Part of the fund would be allocated for working capital, to drive business growth and expansion.
ASN's three major shareholders after the IPO are Lertrungruang Family group (61.53 percent), Vanchanog Varunaprabha (15.39 percent) and Anurakwongsri Family group (3.04 percent). The IPO price was equivalent to price-to-earnings ratio (P/E ratio) of 31.68 times calculated by using the company's net profit in the past four quarters (Quarter1-4, 2015), which was THB 24.62 million, divided by fully diluted shares, representing earnings per share of THB 0.19. ASN's dividend policy is to pay no less than 40 percent of net profits after taxes and reserves.
For more information on ASN, 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.asnbroker.co.th , as well aswww.set.or.th.