Bangkok--Nov 29--Siam PR
Shares to be sold at 2.10 baht apiece
TNX, promising stock on the Stock Exchange of Thailand (SET) from Thainox Stainless Public Company Limited, Thailand’s sole stainless operator and leading operator in the ASEAN region, will be available for subscription during November 30 — December 3 this year. The subscription price was set at 2.10 baht. TNX is expected to trade on the SET by mid of December 2004.
Mr. Prayudh Mahagitsiri, Chairman of Thainox Stainless Public Company Limited, disclosed that Thainox Stainless manufactured and distributed stainless steel for domestic market and export with ratio of 65:35. “The company has enjoyed annual growth of approximately 20% during the past 10 years. The sales have been dramatically increasing with average of 20 % over 10 years, starting from 33,000 tons in 1994 to 167,000 tons in 2003,” he said.
“The company plans to raise fund through share listing on the stock market. The subscription period is set during November 30 — December 3, 2004 . Of the total offering of 2.5 billion shares, 1,600 million shares will be offered to institutional investors and, 400 million shares to general investors. The shares earmarked for investors are equivalent to 31.25% of the registered capital of 8 billion shares. The price has been determined at 2.1 baht apiece. Thainox will use the proceeds as working capital to accommodate strategic market expansion to reach every potential industrial sector in Thailand and cope with the growing consumption of stainless steel worldwide. The company is also looking to expand its customer base domestically and internationally and enhance efficiency of human resources,” he concluded.
Mr. Vanchai Manosuthi, Managing Director of TISCO Securities Co., Ltd., as Thainox Stainless’s financial advisor and underwriter, congratulated and thanked Thainox Stainless for allowing his company to play an important role behind its initial public offering (IPO). “Thainox Stainless is this year’s second largest IPO conducted by private companies. IPO price has been set at 2.10 baht a share. The stock is very attractive to institutional investors, as Thainox Stainless is the leader in cold-rolled stainless steel production and distribution in Thailand and the ASEAN. The growth potential of the market and the company’s financial strength also add to the overall strength of Thainox Stainless.
“The listing of Thainox Stainless on the Stock Exchange of Thailand (SET) contributes to the development of the country’s capital market since the company possesses great potential and will become an excellent investment alternative for the people. I believe that the stock is very interesting to both local and international investors,” he said.
Mr Montree Sornpaisan, Chief Executive Officer, Kim Eng Securities (Thailand) Public Company Limited said as one of the co-underwriter of this Thainox’s IPO, his company is confident in the potential of Thainox as the sole cold-rolled stainless steel producer in Thailand that has enjoyed continuous growth over ten years since established. We are confident that Thainox’s stock will be recognized as blue chip in short and longer term.
For more information please contact:
Jatupon Siridech
Siam PR. Consultant Co., Ltd.
Tel. 0 2693 7835 — 8 ext. 40
Fax. 0 2693 6919-20
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