Bangkok--Jan 28--SET
The SET welcomes Somboon Advance Technology Pcl., a manufacturer of automotive parts, as the 3rd new listings in the Automotive Sector this year.
SET Executive Vice President Ms. Sopawadee Lertmanaschai disclosed that the SET Board of Governors has approved the listing of Somboon Advance Technology Pcl. in the Industrials Industry Group, Automotive Sector from January 31, 2005, onwards. The company will use “SAT” as its trading symbol.
“SAT is the third new listing to the Automotive Sector this year after Yarnapund Pcl. (YNP) and KPN Automotive Pcl. (KPN). This is a valid reflection of the current interest in raising funds for the automotive industry through the capital market. The fundraising is required to expand businesses in the sector as they need to keep pace with the promising growth trend of the industry. The relocation of the world’s leading automakers to Thailand, to make the country their export base, will definitely have a positive affect on the industry,” said the SET’s EVP.
Somboon Advance Technology Pcl. has THB300 mln. (approx. USD7.5 mln.) worth of paid-up capital. This is comprised of an existing 226 mln. shares and 74 mln. shares in capital increase, totaling 300 mln. shares, each with a par value of THB1.00. The Company sold its capital increase shares in their initial public offering (IPO) on January 20 — 21, 2005 at THB12.90. Trinity Advisory 2001 Co., Ltd. acted as its financial advisor and Trinity Securities Co. Ltd. was SAT’s underwriter.
The IPO price of THB12.90 is equal to 9.15 times the price/earnings ratio, which, when compared to the average 10.54 times the P/E ratio of all listed securities in automotive industry, has been discounted by approximately 13%.
SAT plans to use the raised funds to expand its production capacity and repay a portion of its debts. The firm’s policy is to pay out dividends of no less than 30% of its net profits after taxes and legal reserves.
SAT is a manufacturer of automotive parts, such as axle shafts, trunnion shafts, and leaf springs, for pick-up and other types of trucks built by various companies including Mitsubishi, Honda, and Isuzu. After the IPO, SAT’s major shareholders are Somboon Holding Co. Ltd. and the Thailand Equity Fund, which hold 26.67% and 10.00% of its paid-up capital respectively.
For more information on Somboon Advance Technology Pcl., please browse www.somboongroup.com, the SET website, www.set.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.