SET welcomes pet food and treat manufacturer "ITC" on Dec 9

Stocks News Thursday December 8, 2022 10:12 —PRESS RELEASE LOCAL

SET welcomes pet food and treat manufacturer

The Stock Exchange of Thailand will list i-Tail Corporation pcl, a leading manufacturer and distributor of pet food and treats for cats and dogs, on Dec 9 under the ticker symbol "ITC". The company, which is ranked number two in Asia and among the top 10 pet food makers in the world in terms of revenue, has a market capitalization at its initial public offering (IPO) of THB 96 billion (approx. USD 2.74 billion)

SET Senior Executive Vice President Manpong Senanarong said that ITC will be listed and start trading on the SET in the Agro & Food Industry industry group, Food & Beverage sector.

ITC is one of the leading original equipment manufacturers (OEM) of wet pet food and a flagship company for the production and distribution of pet foods and pet-related products of Thai Union Group pcl (TU), which is a leading global seafood company and one of the world's largest producers of ambient tuna products. ITC produces and distributes mainstream and premium cat and dog food and treats. The company's business focuses mainly on being an OEM for customers with world-famous brands like Mars and Smucker's.

ITC has a paid-up capital of THB 3 billion with a par value of THB 1 each. The company allocated 660 million IPO shares, comprising 60 million shares held by TU and the remaining 600 million newly issued shares to the public during November 22-December 1, 2022 and TU's existing shareholders (based on the rights issue) during November 22-24, at THB 32 each. The share issuance totaled THB 19.20 billion and the offering size was THB 21.12 billion. ITC's offering marks the largest IPO in the Food & Beverage sector of the Thai capital market. The IPO price is equivalent to a price-to-earnings ratio (P/E ratio) of 22.26 times. The earnings per share is equal to THB 1.44, calculated using the company's pro forma financial statements which included a net profit of THB 4.31 billion over the past 12 months, divided by fully diluted shares. Finansia Syrus Securities pcl is the financial advisor and lead underwriter.

ITC Chief Executive Officer Pichitchai Wongpiya said the listing of ITC on the SET would enhance its potential for continuous and sustainable growth and marks another important milestone of the company on the path towards the leading manufacturer and distributor of pet food globally. The proceeds from the fundraising will be used to expand infrastructure to support production growth, including factory expansion, the purchase of machinery and expansion of an automation system to increase productivity, repay financial institutions' loans and as working capital to facilitate business growth in the future.

ITC's dividend policy is to pay no less than 50 percent of net profit from its consolidated financial statements after legal reserves. However, the dividend payment is subject to investment plans, conditions and restrictions.

ITC's major shareholder after the IPO is TU (78 percent).

For more information on ITC, 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.i-tail.com and www.set.or.th.

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