Bangkok--27 Dec--SET
Market for Alternative Investment (mai) will list Sunsweet pcl, a sweet corn and agro products producer and distributor, on December 28, under the ticker symbol "SUN". The company has a market capitalization at its initial public offering (IPO) of THB 2.52 billion (approx. USD 76.23 million).
SET Senior Executive Vice President Santi Kiranand said that SUN would list and start trading on mai in industry group of the Agro & Food Industry. SUN produces and distributes processed sweet corn and various processed agricultural products under King of Corn (KC) brand.
SUN products include canned sweet corn, pouch corn snacks, and frozen sweet corn, under the brand "KC". The company also produces original equipment manufacturer products. Its plant is located in Chiang Mai province, in the northern part of Thailand. Its subsidiary, Sunsweet International Co. Ltd. (SI), engages in sourcing and trading of food products and fresh produce such as onions, tapioca flour and canned pineapples, etc. via customers in over 50 countries worldwide.
SUN has a paid-up registered capital of THB 215 million, consisting of 300 million existing common shares and 130 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 5.85 each, for a total of THB 760.50 million, during December 20-22. Asset Pro Management Co., Ltd. is its financial advisor, while Phillip Securities (Thailand) pcl is its lead underwriter.
SUN Chief Executive Officer Ongart Kittikhunchai said that SUN has more than 30 years of experience in agricultural trading with international standard production using modern technology, offering various products to suit customer needs. The plant is located in Chiang Mai, the heart of sweet corns. In addition, SUN also initiates smart farm system to control quality and ensure constant supply quantity all year round. The fund raised would be used to buy machinery, and expand production capacity for high-profit products; and as working capital.
SUN's three major shareholders after the IPO are Sae Lim Family (69.83 percent), Pamorn Polthep (0.47 percent) and Phillip Securities Pte Ltd - A/C Clients (0.47 percent). The IPO price was equivalent to price-to-earnings (P/E) ratio of 18.87 times calculated by using the company's net profit in the past twelve months (October 1, 2016 - September 30, 2017) totaling THB 132.82 million divided by fully diluted shares, representing earnings per share of THB 0.31. SUN'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.sunsweetthai.com , as well as www.set.or.th.