Bangkok--Mar 14--Oasis Media
Krungthai Car Rent proceeds to increase its registered capital in SET under the name of KCAR. All details should be completed to furnish to SET within May 2005. An increased total of 50 million shares will be distributed to investment parties and general public. As outsourcing market trend is on the rise, the management is certain the car rental business will continue to grow. Additional capital will be acquired to expand the business and capital flow management. 2004 Revenue has reached Baht 538 million.
Mr. Pithep Chantarasereekul, managing director of Krungthai Car Rent & Lease PLC discloses that the company is now furnishing a final plan to propose to SET and aiming to increased its capital in the SET under the name of KCAR with additional registered capital of Baht 50 million to total at Baht 250 million. 50 million shares with par value at Baht 1 each are to be distributed to general public and investors and will account for 20 % of KCAR total share in the capital market. Initial Public Offering (IPO) will be jointly determined with the financial advisor company, Seamico Securities PLC and will be announced in April 2005.
KCAR will be able to finance its operation and growth. Two major business units include operating lease unit, a long term rental service contract (1-3 year contract) and short term rental service (daily, weekly and monthly rental). Both business units will enable KCAR to target medium sized business wanting to cut car maintenance costs and individuals wishing to rent car for short term usage. At present, KCAR is offering rental services of around 2,800 cars country wide.
Mr. Pithep further adds, “Our unique sell point is the number of cars we now have and our ability to service enterprise and individual customers with a strong network across the country. This allow us to provide 24 hour service should any technical problem arise. We have gained trust and acceptance from both public and private sector customers. TOT, SME Bank, Philip Morris and other leading companies have chosen KCAR to service their needs for car rental. Car rental has become a choice of modern corporations because it offers management flexibility and cost control capabilities as well as accounting and tax benefits.”
In addition, Mr. Pithep mentions that KCAR is in the process of developing its operation and serviceability to provide added value to customers. Additional service centers, increased number of cars, full technical services, short term service to local and international tourists, entrepreneurial contract are among KCAR focuses. KCAR expects to increase its operation and improve its business growth through the fund and capital acquired after KCAR additional shares are traded in SET.
In 2004, KCAR revenue has reached Baht 538 million as opposed to Baht 426 million in 2003 and Baht 392 million in 2002. Net profit is recorded at Baht 138 million as compared to Baht 33 million in 2003 and Baht 38 million in 2002. Total assets have increased from Baht 858 million in 2002, Baht 890 million in 2003 to Baht 1,438 million in 2004. Assets with the purpose to rent out have increased from Baht 765 million in 2002, Baht 798 million in 2003 to Baht 1,283 million in 2004. Likewise, the number of rental cars has increased to 2,736 as compared to 1,958 in 2003 and 1,922 in 2002. Outstanding liabilities are recorded at Baht 1,084 million in 2004, Baht 637 million in 2003 and Baht 645 million in 2002 respectively. Shareholder’s equities over 2002 through 2004 are Baht 213 million, Baht 250 million and Baht 354 million accordingly.
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