Bangkok--21 Jan--SET
Market for Alternative Investment (mai) will list CAZ (Thailand) pcl, a construction service provider for oil, gas and petroleum industries, on January 22, under the ticker symbol "CAZ". The company has a market capitalization at its initial public offering (IPO) of THB1.10 billion (approx. USD 33.10 million).
mai President Prapan Charoenprawatt said that CAZ, a subsidiary of Takuni Group pcl (TAKUNI), would list and start trading on mai in Property & Construction Industry Group. CAZ provides a full range of services covering engineering design, machine procurement, and construction for project owners and through main contractors
CAZ has a registered paid-up capital of THB 140 million, consisting of 200 million existing common shares and 80 million newly issued shares, with a par value of THB 0.50 each. It offered newly issued shares at THB 3.90 each, for a total of THB 312 million, 16 million newly issued shares to TAKUNI's shareholders (via pre-emptive right) during January 8-10, 2019, no more than 9.6 million shares to the company's patrons, not exceeding 6.4 million shares to the company's directors, executives and employees, and approximately 48 million shares to general public through underwriters, during January 11, 14-15, 2019. S14 Advisory Co., Ltd. is its financial advisor and KTB Securities (Thailand) pcl is its lead underwriter.
CAZ Chief Executive Officer Chung Sik Hong said that the company's over 30 years of experience in construction services for petrochemical businesses including quality and timely services have created customer's trust among customers with various projects continuously. The fund raised would be used as working capital for the large project bids, collaterals for bank loans and working capital as well as equipment purchasing.
CAZ's three major shareholders after IPO are TAKUNI Group (39.58 percent), CAZ Group (34.88 percent), and KTB Securities (Thailand) pcl (5.46 percent). The IPO price was equivalent to price-to-earnings (P/E) ratio of 19.50 times, calculated by using the company's net profit in the past 12 months (October 1, 2017 - September 30, 2018) amounting to THB 56.45 million, divided by fully diluted shares, representing earnings per share of THB 0.20. CAZ'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, and the dividend payment does not significantly affect the company's operation.
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.caz.co.th and www.set.or.th.