Bangkok--22 Nov--SET
The Stock Exchange of Thailand (SET) will list Sakol Energy pcl, an NGV private mother station operator, on November 22, under the ticker symbol "SKE". The company has a market capitalization at its initial public offering (IPO) of THB 1.67 billion (approx. USD 49.2 million).
SET Senior Executive Vice President Santi Kiranand said that SKE would list and start trading on the Resource industry group, Energy and Utilities sector. SKE is an NGV private mother station operator, providing natural gas compression service for PTT pcl (PTT)'s NGV trailer trucks and then distribute to NGV stations which are not situated along natural gas pipelines (daughter stations). The Company currently has two NGV private mother stations in Pathum Thani and Saraburi provinces, with a combined compressed capacity of 750 tons per day.
SKE has a paid-up registered capital of THB 465 million, consisting of 692.80 million existing common shares and 237.20 million newly issued shares, with a par value of THB 0.50 each. It offered newly issued shares to general public via IPO at THB 1.80 each, for a total of THB 426.96 million, during November 14-16. KT ZMICO Securities Co., Ltd. is its financial advisor and lead underwriter.
SKE Chief Executive Officer Chutchai Sumethchotimetha said that the fund raised would be used to improve the efficiency of NGV compression and distribution system, expanding related businesses by investing in NGV conventional gas stations along ex-pipeline. To enhance the company's future growth, the company would focus on three strategies namely cost reduction, investment in other related businesses and NGV compression technology development, as well as the study of possibilities of biomass power plant.
SKE's three major shareholders after the IPO are Sumethchotimetha family (53.76 percent), Nuntee family (20.69 percent) and Thai Life Insurance pcl (2.31 percent). The IPO price was set by a book building process, equivalent to price-to-earnings (P/E) ratio of 19.85 times calculated by using the company's net profit in the past four quarters (Q4/2016 – Q3/2017) divided by fully diluted shares, representing earnings per share of THB 0.09. SKE's dividend policy is to pay no less than 40 percent of net profit from the company's separated financial statement, after corporate income tax and legal reserves.
For more information, please see the company's prospectus at the Securities and Exchange Commission's website atwww.sec.or.th; and for general information, please visit www.sakolenergy.com , as well as www.set.or.th .