Bangkok--23 Nov--SET
Market for Alternative Investment (mai) will list Thaimui Corporation pcl, Thailand's large distributor of high quality wire rope and rigging gear, on November 23, under the ticker symbol "THMUI". The company has a market capitalization at its initial public offering (IPO) of THB 867 million (approx. USD 25.5 million).
mai President Prapan Charoenprawatt said that THMUI would list and start trading on mai in the Services industry group. THMUI is a supplier of high quality wire rope, textile sling, chain, and rigging gear produced by leading manufacturers from several countries under brand names like Kiswire, Bridon, Usha and Crosby. The company also provides testing, crane and wire rope inspection, crane installation and wire rope replacement services through its subsidiary to various customers. These customer groups include factories in industrial estates, oil and natural gas exploration and production companies, port terminal operators and construction firms.
THMUI has a paid-up registered capital of THB 170 million, consisting of 242.93 million existing common shares and 97.07 million newly issued shares, with a par value of THB 0.50 each. It offered all newly issued shares via IPO to general public at THB 2.55 each, for a total of THB 247.53 million, during November 15-17. RHB Securities (Thailand) pcl is its financial advisor and lead underwriter.
THMUI Chief Executive Officer Tchakorn Leelaprachakul said that the company is Thailand's major distributor of wire rope and rigging gear with over 19 years of experience. The company has focused on distributing high quality products of the world's leading manufacturers, offering a full array of products and services to meet customer demand. The company has gained trust from leading companies in various industries including industrial estate plants, petroleum explorers and producers, construction companies and port terminal operators. Listing on mai will strengthen the company's capital base. The fund raised will be used to redeem bill of exchange (BE), purchase load testing machine, build warehouse and as working capital.
THMUI's three major shareholders after the IPO are Veerapol Leelaprachakul's Group (51.61 percent), La-or Leelaprachakul (11.43 percent), Tuanghong Leelaprachakul (2.86 percent) and Vilai Pinkriangkrai (2.86 percent). The IPO price was equivalent to price-to-earnings (P/E) ratio of 23.18 times calculated by using the company's net profit totaling THB 38.43 million in the past four quarters (October 1, 2016-September 30, 2017) divided by fully diluted shares, representing earnings per share of THB 0.11. THMUI's dividend policy is to pay no less than 50 percent of net profit, 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.thaimui.net, as well as www.set.or.th.