Bangkok--1 Jul--The Stock Exchange of Thailand
The Stock Exchange of Thailand (SET) will list Sri Trang Gloves (Thailand) pcl, Thailand’s leading latex gloves manufacturer, on July 2, under the ticker symbol "STGT". The company has a market capitalization at its initial public offering (IPO) of THB 48.58 billion (approx. USD 1.57 billion).
SET Senior Executive Vice President, Manpong Senanarong said that STGT would list and start trading on SET in Consumer Products industry group, Personal Products & Pharmaceuticals sector.
STGT is a manufacturer and distributor of latex gloves for medical and other industries, both natural rubber gloves and nitrile rubber gloves. STGT has annual production capacity of around 32.62 billion pieces. STGT, a subsidiary of Sri Trang Agro-Industry pcl (STA), has been restructured via merger & acquisition with other firms in the latex gloves production and distribution business group to support business expansion.
STGT had a registered paid-up capital of THB 1.43 billion. It offered 438.78 million newly issued shares with a par value of THB 1 each to general public by allocating 432.78 million shares to persons under the underwriters' discretion, retail and institutional investors, and patrons at THB 34 each; 2 million shares to directors, management and employees of STA and other STA's subsidiaries at THB 34 each; and 4 million shares to directors, management and employees of STGT and its subsidiaries at THB 30.60 each, for a total fundraising amount of THB 14.90 billion with market capitalization at its IPO of THB 48.58 billion. Finansa Securities Co., Ltd. is its financial advisor and lead underwriter.
STGT Chief Executive Officer Jarinya Jirojkul said that STGT is Thailand's top and one of the world's largest latex manufacturer. The listing on SET will enhance its business potential, strengthen capital, and create opportunity for business expansion. The fundraising will be used to expand and improve production efficiency, as well as investing in the IT system. STGT aims to raise the production capacity to 50 billion pieces per year by 2024 and double to 100 billion pieces by 2032 to keep pace with the continuous growth in market demand.
STGT major shareholders after IPO are STA group and Sincharoenkul family (66.1 percent), Poonsuk Chirdkiatgumchai (2.3 percent), including STGT & STA directors, executives, and employees (0.8%)
STGT's dividend policy is to pay no less than 30 percent of net profit from the separate financial statement after corporate income tax, reserves required by law and the company's regulations, but not exceeding STGT's retained earnings as recorded in separate financial statement.
For more information on STGT, 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.sritranggloves.com as well as www.set.or.th.