Bangkok--17 Oct--SET
The Stock Exchange of Thailand (SET) will list BG Container Glass pcl, Thailand's leading glass packaging container manufacturers, distributors, importers and exporters, on October 18, under the ticker symbol "BGC". The company has a market capitalization at its initial public offering (IPO) of THB 7.08 billion (approx. USD 214.6 million).
SET Senior Executive Vice President Manpong Senanarong said that BGC would list and start trading on SET in the Industrials industry group, Packaging sector.
BGC and its subsidiaries have a combined production capacity of 3,095 tons per day, and it will be increased to 3,495 tons a day after the company's launch of new glass packaging plant with furnace located in Ratchaburi province and commercially commence by the fourth quarter of this year. BGC supplies glass packaging containers to well-known beverage and food manufacturers in Thailand namely Boon Rawd Group, T.C. Pharmaceutical Industries Co., Ltd. (beverage producer under Red Bull brand), Green Spot Co., Ltd., and Siam Winery Co., Ltd. The company's product lines span from glass packaging containers ranging from food, medicine and pesticide bottles, to bottles for other products. The company's beer and non-alcohol bottle products dominate 72 percent of BGC's total revenue, and exports account for 18 percent with destinations at markets in Australia, Laos, Myanmar, South Africa, Spain, Switzerland and Vietnam.
BGC Managing Director Silparat Watthanakasetr said the fund raised from the IPO would strengthen the company's capital base to serve business expansion in both domestic and international markets, in a move towards a global leading total glass solutions provider.
BGC has a registered paid-up capital of THB 3.47 billion, consisting of 500 million existing common shares and 194.44 million newly issued shares, with a par value of THB 5 each. It offered the entire newly issued shares to general public via IPO during October 8-10, at THB 10.20 each, for a total of THB 1.98 billion. Kasikorn Securities pcl is its financial advisor and lead underwriter.
BGC's three major shareholders after the IPO are Bangkok Glass pcl (72.00 percent), Bualuang Long-Term Equity (0.63 percent), and Bangkok Insurance pcl (0.58 percent). The IPO price was equivalent to price-to-earnings (P/E) ratio of 17.7 times calculated by using the company's net profit in the past 12 months (July 1, 2017 - June 30, 2018) amounting to THB 400.3 million, divided by 694.44 million shares (fully diluted), representing earnings per share of THB 0.58. BGC's dividend policy is to pay no less than 40 percent of net profit from the company's separate financial statements after corporate income tax and legal reserves, under the condition that such dividend payment depends is based on the necessity and suitability in accordance with the Board of Directors' approval.
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.bgc.co.th, as well as www.set.or.th.