Bangkok--23 Nov--SET
Market for Alternative Investment (mai) will list Sahathai Terminal pcl, a major privately-owned commercial port terminal service operator, on November 23, under the ticker symbol "PORT". The company has a market capitalization at its initial public offering (IPO) of THB 2.07 billion (approx. USD 60.9 million).
mai President Prapan Charoenprawatt said that PORT would list and start trading on mai in the Services industry group. PORT provides terminal service for both feeders and barges with its facility located in Samut Prakarn province near Bangkok, a convenient location for transportation. In addition, PORT also providesother related services such as in-land transportation for containers, rental area and warehouse, container freight station (CFS) and container depot.
PORT has a paid-up registered capital of THB 230 million, consisting of 340 million existing common shares and 120 million newly issued shares, with a par value of THB 0.50 each. It offered the entire newly issued shares to general public via IPO at THB 4.50 each, for a total of THB 540 million, during November 13-16. Maybank Kim Eng Securities (Thailand) pcl is its financial advisor and lead underwriter.
PORT Chief Executive Officer Sauwakun Karuchit said that PORT has been operating this business for over nine years and has become Thailand's large privately-owned port terminal operator with full range of services. Its terminal is situated in Samut Prakarn province which is a strategic location of the country's logistics hub. PORT is ready to provide the services, with supports from its two strong joint venture partners, Mitsui O.S.K. Lines (MOL) and Mediterranean Shipping Company (MSC) - the world's large ocean shipping fleet service providers. Listing on mai will reinforce PORT's capital base and the fund raised will be used to expand business, repay loans and as working capital.
PORT's three major shareholders after the IPO are Rattanasirivilai group (35.66 percent), Karuchit group (18.75 percent) and Chongyangyuenwong group (4.08 percent). The IPO price was determined based on a book building process, equivalent to price-to-earnings (P/E) ratio of 32.14 times calculated by using the company's net profit in the past four quarters (July 1, 2016 - June 30, 2017) totaling THB 65.07 million divided by fully diluted shares, representing earnings per share of THB 0.14. PORT's dividend policy is to pay no less than 40 percent of net profit from the company's separate financial statements, after tax and legal reserves.
For more information, please see the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th; and for general information, please visit www.sahathaiterminal.com, as well as www.set.or.th.