Bangkok--8 Jul--SET
Market for Alternative Investment (mai) will list BT Wealth Industries pcl, a holding company with core subsidiary in steel fabrication business, on July 11, under the ticker symbol "BTW". The company has a market capitalization at its initial public offering (IPO) of THB 2.84 billion (approximately USD 79.86 million).
mai President Prapan Charoenprawatt said that BTW would list and start trading on mai in the Property & Construction Industry Group. BTW was a holding company investing in Best Tech & Engineering Ltd., a core subsidiary which produced fabricated steel products for large-scale construction projects both inbound and outbound, such as mining, energy, gas, and petroleum sectors.It operated two main businesses: steel-parts fabrication and modularization.
BTW has a paid-up registered capital of THB 378 million, consisting of 600 million existing common shares and 156 million newly issued shares, with a par value of THB 0.50 each. During July 4-6, it offered newly issued shares to the general public via IPO, at THB 3.75 each, for a total of THB 585 million. TISCO Securities Co., Ltd. is thefinancial advisor and underwriter.
BTW Chief Executive Officer Chotic Russamitinakornkul said that the company focused on delivering quality products to customers in time, while developing its production process to meet international standards. To strengthen financial capability and boost customers' confidence, the fund raised would be used for renovating its factory in Chonburi, buying new machinery, and as working capital and debt repayment. Thus, this listing would enhance customer confidence and strengthen the company's financial capability.
In addition, BTW would also invest in the three new subsidiaries which would start operating soon, namely, BT & Owl Solar 1 Ltd., Global Clean Energy Co., Ltd. to serve energy business and Best Tech Industries Ltd. to serve its plan to expand production capacity of steel fabrication business added Chotic.
BTW's three major shareholders after the IPO are Satawin Family group (51.59 percent), Russamitinakornkul Family group (27.78 percent) and Suchitra Monserinusorn (0.66 percent). The IPO price was equivalent to price-to-earnings ratio (P/E ratio) of 10.53 times calculated by using the company's net profit in the past four quarters (April 1, 2015 - March 31, 2016) which was THB 269.22 million, divided by fully diluted shares, representing earnings per share of THB 0.36. BTW's dividend policy is to pay no less than 40 percent of net profits after taxes and reserves.
For more information on BTW, 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.btwealthindustries.com, as well as www.set.or.th.