Bangkok--9 Jul--SET Corporate Communications
Market for Alternative Investment (mai) will list Arinsiri Land pcl, a property developer in eastern Thailand, on July 10,under the ticker symbol "ARIN". The company has a market capitalization at its initial public offering (IPO) of THB 1.1 billion (approx. USD 34.84million).
mai President Prapan Charoenprawatt said that ARIN would list and start trading on mai in Property & Construction Industry Group.
ARIN has engaged in property development for sales, including detached houses, semi-detached houses, townhomes, and commercial buildings in Chonburi province in the eastern part of Thailand and nearby provinces to serve the local residential customers, under "Arinsiri" brand. The company has gained customers' trust with proven record of various projects in construction quality and after-sales service for more than a decade, worth a combined THB 4.05 billion. Currently, the company is managing the development and sales of three projects worth a total of THB 2.19 billion. In addition, there are four upcoming projects that the company has acquired land worth THB 1.39 billion.
ARIN has a registered paid-up capital of THB 300 million, consisting of 450 million existing common shares and 150 million newly issued shares, with a par value of THB 0.50 each. During July 1-3, 2019, it offered 150 million newly issued shares to general public via IPO at THB 1.80 each, for a total of THB 270 million. The IPO price was equivalent to price-to-earnings (P/E) ratio of 60.04 times, calculated by using the company's net profit in the past 12 months (April 1, 2018 - March 31, 2019), divided by 600 million fully diluted shares, representing earnings per share of THB 17.99. Country Group Securities pcl is its financial advisor and its lead underwriter.
ARIN Chief Executive Officer Wimonjit Arintamapong said that the company's policy is to focus on location selection, property market trends, target customers, customer needs, and appropriate prices. Currently, our projects are located in major provinces in eastern Thailand with higheconomic growth and potential driven by Eastern Economic Corridor (EEC) development. ARIN projects' uniqueness is the design simplicity,construction quality, decent after-sales service and reasonable price. The fund raised would be used for project development, and/or land investment, bond repayment and as working capital.
ARIN's major shareholders after IPO is Wimonjit Arintamapong Group (75.00 percent). ARIN 's dividend policy is to pay no less than 40 percent of net profit from the company's financial statement 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 www.arinsiri.com and www.set.or.th.