Bangkok--13 Sep--SET
The Stock Exchange of Thailand (SET) will list Prima Marine pcl, an integrated services provider for the marine logistics and storage of liquidpetroleum and petrochemical products, on September 14, under the ticker symbol "PRM". The company has a market capitalization at its initial public offering (IPO) of THB 20 billion (approx. USD 588.3 million).
SET Senior Executive Vice President Santi Kiranand said that PRM would list on SET in the Services industry, Transportation & Logistics sector. PRM, an integrated marine logistics and storage services provider with more than 30 years of experience, provides four categories of services, which are 1) oil and petrochemical tanker business, 2) floating storage unit, 3) offshore support vessel business, and 4) ship management business.
PRM has a paid-up registered capital of THB 2.50 billion, consisting of 2 billion existing common shares and 500 million newly issued shares, with a par value of THB 1.00 each. It offered 650 million shares, consisting of 500 million newly issues shares and 150 million vendor shares, to general public during September 6-8 at THB 8.00 each, resulting in a total of THB 4 billion newly raised capital. Kasikorn Securities pcl and The Siam Commercial Bank pcl are its financial advisors and underwriters.
PRM Chief Executive Officer Chanwit Anakkul said that this listing would strengthen PRM'sfinancial capability to serve the business expansion plan. The company plans to build new vessels to replace existing ones, as well as expand the vessel fleet to twice as much within three years. This will contribute to constant growth of revenue, profit, and shareholder returns, while enhancing business stability.
PRM's three major shareholders after the IPO are Nathalin Co., Ltd, Group, 74 percent(Nathalin Co., Ltd, 54.2 percent and Austin Asset Limited, 19.8 percent), Bank of Singapore Limited (0.5 percent) and Chansak Fuangfu (0.4 percent). The IPO price was set by a book building process, equivalent to price-to-earnings ratio (P/E ratio) of 20.46 times calculated by using the company's net profit in the past four quarters divided by fully diluted shares, representing earnings per share of THB 0.39. PRM's dividend policy is to pay no less than 30 percent of net profit after reserves (from separate financial statements) under the condition that such dividend payment is related to the investment plan and other necessities and suitabilities in accordance with the Board of Directors' approval.
For more information on PRM, please see the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th; and for general information, please visitwww.primamarine.co.th, as well as www.set.or.th.