Bangkok--Mar 29--SET
Solartron Pcl. will list in the Resources Industry Group, Energy & Utilities Sector, after successfully raising THB480 mln. to build the first silicon solar cell fabrication factory in Thailand.
Executive Vice President of The Stock Exchange of Thailand (SET) Ms. Sopawadee Lertmanaschai announced that the SET Board of Governors approved the listing of Solartron Pcl.’s common shares in the Resources Industry Group, Energy & Utilities Sector. The securities will commence trading from March 30, 2005 onwards, using “SOLAR” as their trading symbol.
Solartron Pcl. is the leading solar module (photovoltaic) assembler in Thailand and provides a complete installation service for solar application systems. Solar energy is clean energy and extremely suitable for the weather conditions in Thailand. The company’s business thus reflects the vision of its executives, involving the substitution of scarce natural energy resources, which are becoming more expensive and require Thailand to be dependent on imports, with reusable solar energy.
Ms. Sopawadee said, “SOLAR has extensive experience and expertise as well as a focus on quality, which has enabled the company to win the ISO9001 certification. The company also has good relationships with the world’s leading solar cell suppliers, giving SOLAR a clear competitive advantage over its competitors.
“SOLAR’s competitive edge has contributed to its continuous growth. The company aims to be the leader in solar cell production in Southeast Asia. SOLAR is surely another interesting firm in the Resources Group.”
SOLAR has THB300 mln. in paid-up capital, comprised of an existing 240 mln. shares and 60 mln. shares in capital increase, each with a par value of THB1.00. During March 22-23, SOLAR sold a total of 80 mln. shares in its initial public offering (IPO) at THB8.00 per share. These included the 60 mln. capital increase shares plus 20 mln. shares of existing shareholders (Bonanza Resort Hotel Co., Ltd.; Thonglor Holding Co., Ltd.; Duangkaeo Chiangmai, Woracha Holding Co., Ltd.; and Datronthai Co., Ltd.).
Its IPO price of THB8.00 per share is equal to 8 times its price-earnings ratio, which is approximately 26%lower than the industry average at 10.81 times. Globex Advisory Co., Ltd. is SOLAR’s financial advisor.
About THB480 mln. (approx. USD12.0 mln.) worth of funds raised will be used to construct Thailand’s first silicon solar cell fabrication factory to construct solar cells to substitute for imported fossil fuels, reduce costs, and expand the market so that SOLAR can become the leader in solar cell production in the region.
SOLAR produces and designs solar modules (photovoltaic cells) as well as providing a complete installation service for solar application systems for the public and private sectors, with its focus on rural development projects. SOLAR currently holds about 80% of the market share in government projects. It has been awarded the government’s Solarhome Project to install solarhome systems in the remotest areas of Thailand where there still are no access points to the electricity grid. The company will need to install solar systems worth approximately THB1.36 bln. (approx. USD34.0 mln.) by end May 2005.
As for the company’s dividend payment policy, SOLAR will pay out 40% of its net profits after corporate taxes and legal reserves.
The principal shareholders of SOLAR are the Khunchornyakong and Taechanarong Groups, holding 31.41% and 26.00%, respectively, of SOLAR’s paid-up capital after its IPO.
For more information on Solartron Pcl., please browse the company’s website, www.solartron.co.th, the SET’s website, www.set.or.th, and 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
Watsamon Saowakhonsathien Tel: 0-2229-2797 End.