Bangkok--22 Dec--SET
Market for Alternative Investment (mai) will list AMA Marine pcl, a liquid logistics operator providing sea freight services in Southeast Asia, as well as land transportation services domestically, on December 22 under the ticker symbol "AMA." The company has a market capitalization at its initial public offering (IPO) of THB 4.31 billion (approximately USD 123 million).
mai President Prapan Charoenprawatt said that AMA would list and start trading on mai in the Service industry group. AMA, a logistics company focused on liquid transport by sea and by land. The sea freight services carrying palm oil and other vegetable oils, operated mainly in Southeast Asia and East Asia, while the land transport services carrying petrol and bio-diesel B100 operated domestically by its subsidiary.
AMA has a paid-up registered capital of THB 215.8 million, consisting of THB 323.6 million existing common shares and 108 million newly issued shares, with a par value of THB 0.50 each. During December 8-9 and 13-14, 2016 it offered newly issued shares to the general public via IPO at THB 9.99 each, for a total of THB 1.08 billion. Sage Capital Limited is the financial advisor and KGI Securities pcl is the underwriter.
AMA managing director Pisan Ratchakitprakarn said the business has been in operation for over 20 years providing water freight services to the large palm oil producer and manufacturer in Malaysia and Indonesia. The company currently operates eight oil and chemical tankers with a total capacity of 46,661 metric tons and 95 tanker trucks with a total capacity of 4.28 million liters. AMA would be the first listed company that provides sea freight services solely for liquid goods. This listing would strengthen AMA's financial capabilities and the company's potential to further provide services internationally. The fund raised would be used to develop and expand its freight operation both sea freight services and land transport services domestically and internationally, while investing in areas that support its core logistics business.
AMA's three major shareholders after the IPO are Phiphat Ratchakitprakarn Group (39.49 percent), PTG Logistics Co., Ltd (24.00 percent) and Pisan Ratchakitprakarn Group (6.02 percent). The IPO price was equivalent to price-to-earnings ratio (P/E ratio) of 31.29 times calculated by using the company's net profit in the past 12 months (October 1, 2015– September 30, 2016) of THB 137.80 million, divided by fully diluted shares, representing earnings per share of THB 0.32. AMA's dividend policy is to pay no less than 25 percent of net profits after taxes and reserves.
For more information on AMA, 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 atwww.amamarine.co.th, as well as www.set.or.th.