Bangkok--Nov 3--Idealist Communications
Mr. Chamnarn Pornpilailuck, Managing Director of Porn Prom Metal Public Company Limited, the leading trading firm with over 20 years of experience in distributing industrial and construction raw materials including brass and copper in sheet and coil, high carbon and stainless steel wire, aluminum and stainless steel in sheet and coil for industrial use as well as copper tube and fittings, closed cell insulation, air duct for air-conditioning system (HVAC) for construction, said that the company has made the Initial Public Offering (IPO) of its 40 million shares at 3.05 baht per share from the par value of 1 baht per share for the first day on November 1, 2004. The effort has attracted an overwhelming interest from both the institute and personal investors and all the shares was fully subscribed during the first day. At the same time, the interested investors continued to contact the company and the underwriters regarding the share subscription.
“Although the situation in the southern provinces may affect the stock market at the moment, the company trusted that the situation would have only a short term impact. Thus, the company is confident to definitely commence its trading in the MAI on November 11, 2004. It would be the first trading firm in Thailand to be listed in the stock market whreas in other leading industrial countries, there are many companies which are similar in business nature to Porn Prom Metal listed in the stock markets. These companies play an important role in driving the related industries while at the same time, strengthening other industries in term of raw material supply and cost reduction including inventory, services and raw material analysis”, said Chamnarn.
Chamnarn added that the proceeds from this fund raising would enhance its competitiveness and business development. In addition, it would increase the opportunity in the future expansion as well. The management is committed to continue with its success for the maximum benefit of the shareholders and customers, added Chamnarn.
Somphop Keerasunthonpong, President of Syrus Securities PLC as the financial advisor and lead underwriter, said that the investors are confident and interesting in Porn Prom Metal’s shares due to its fundamental as a competent trading firm with strong expertise in its business. At the same time, the company’s business can be of advantageous to both the customers and manufacturers. Apart from the wide ranges of products, the company also has various supplementary services to facilitate its customers. The company also has a large customer base, which is a great help in order consolidation and useful industrial information gathering for its suppliers.
These factors lead the company to continuously achieve a high growth rate at around 50% per year. The company performance also grows rapidly. In 2003, the company posted the total income of 778.56 million baht and net profit of 21.13 million baht. During the first half of 2004, the company reported the total revenue of 629.13 million baht and accounted for the growth of 46.42% compared to the same period during 2003. It has the net profit of 23.63 million baht increased by 48.26% from the same period last year. Moreover, its IPO shares priced at 3.05 baht per share is considered as an appropriate price considering the positive fundamental. He believed that the shares of Porn Prom Metal PLC will be able to generate a good return for the investors.
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