Bangkok--28 Sep--SET
Market for Alternative Investment (mai) will list K.W. Metal Work pcl, a leading agricultural equipment manufacturer and distributor, on October 1, under the ticker symbol "KWM". The company has a market capitalization at its initial public offering (IPO) of THB 546 million (approx. USD 16.6 million).
mai President Prapan Charoenprawatt said that KWM, together with its subsidiary, has produced and supplied agricultural equipment, consisting of disc plough, notched, rear furrow wheel, chop plow, front blade dozer, and screw flight under its own brand "Pegasus". The company is also an original equipment manufacturer (OEM) supplying products to Siam Kubota Corporation Co., Ltd. under "Tra Chang" brand.
KWM has a registered paid-up capital of THB 210 million, consisting of 300 million existing common shares and 120 million newly issued shares, with a par value of THB 0.50 each. It offered 4.50 million newly issued shares to directors, executives and employees; and the remaining 115.50 million shares to the general public via IPO during September 19 - 21, 2018 at THB 1.30 each, for a total of THB 156 million. AEC Securities pcl is its financial advisor and lead underwriter.
KWM Chairman Ekapan Vanagosoom said that the company is committed to research and development to continuously improve the products' quality and standard. KWM delivers high quality and durable products, with various distribution channels both directly and indirectly via Siam Kubota Corporation, first-tier suppliers, retailers and wholesalers. The fund raised would be used to pay financial institution loans and as working capital.
KWM's three major shareholders after the IPO are Vanagosoom family (71.79 percent), Jerapornprapa family (1.67 percent), and Miss Porntip Punbumrungsook (0.95 percent). The IPO price was equivalent to price-to-earnings (P/E) ratio of 22.95 times calculated by using the company's net profit in the past 12 months (July 1, 2017 - June 30, 2018) amounting to THB 23.79 million, divided by fully diluted shares, representing earnings per share of THB 0.06. KWM's dividend policy is to pay no less than 45 percent of net profit 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 http://www.kw-metalwork.com, as well as www.set.or.th.