Bangkok--Dec 1--SET
TAPACO Pcl., a producer and distributor of engineering plastic parts, will have its shares traded on the Market for Alternative Investment (mai) on Dec.2. Its fundraising effort is to repay debts and purchase new machinery.
The President of the mai, Mr. Vichate Tantiwanich, said that the SET Board of Governors has approved the listing of TAPACO Pcl.’s 18.4 mln. shares on the mai. The shares each have a par value of THB5.00, giving a total of THB92 mln. These securities will commence trading from December 2, 2004, onwards, using “TAPAC” as their trading symbol.
TAPAC has THB92 mln. in paid-up capital. Its holdings are comprised of 14.4 mln. existing shares and 4.0 mln. shares in capital increase, each with a par value of THB5.00. TAPAC sold 4.5 mln. shares (including the 0.5 mln. shares of Japan Asia Investment Co., Ltd.) to the public at THB12.50 each, or at 7.5 times their price/earnings ratio, on Nov. 24-25, 2004. The fundraising proceeds will be used to repay TAPAC’s THB46.41 mln. worth of debts with financial institutions used to build a new factory and purchase machinery. TAPAC plans to clear this debt amount by end-2004. Kim Eng Securities (Thailand) Pcl. acted as its financial advisor.
TAPAC is a producer, assembler and distributor of engineering plastic parts. These parts are used for electrical appliances, electronic products, as well as for car audio products. TAPAC is receiving the Board of Investment’s privileges for 7 years. Its tax exemptions for its old factory will expire in 2007, while those of its new factory will expire in 2011.
TAPAC is also supported by Partner Industries Co., Ltd. (PNI), a major company shareholder, in product design, production and market development as stipulated by their mutual agreements on licensing, technical support and marketing advisory services. Under these agreements, TAPAC will pay PNI for successive periods of 5 years, the first of which began in August 2003. As for TAPAC’s dividend payment policy, it will pay out 40% of its net profits after taxes and legal reserves.
The major shareholders of TAPAC after the IPO are a group of Japanese investors, and the executives and employees of the PNI Group, who collectively hold 42.58% and 23.81% of the company’s paid-up capital respectively.
For more information on TAPACO Pcl., please browse the company’s website, www.tapaco.com; the mai’s website, www.mai.or.th; or SETTRADE.COM’s website, www.settrade.com
For more information, please contact the Corporate Communication Dept.:
Ladawan Kantawong Tel: 0-2229-2036 / Kulvida Jintakawong Tel: 0-2229-2037 / Nattaporn Boonprapa Tel: 0-2229-2049 End.