Bangkok--Apr 27--SET
Salee Industry Pcl., a manufacturer of plastic parts and containers, will be trading on the Market for Alternative Investment (mai) beginning April 28, after successfully presenting its initial public offering. It will spend the funds raised to construct a new factory in order to expand its production capacity.
The President of the Market for Alternative Investment (mai), Mr. Vichate Tantiwanich, said that the SET Board of Governors has approved the listing of Salee Industry Pcl. on the mai. Its securities will commence trading from April 28, 2005, onwards using “SALEE” as their trading symbol.
“SALEE manufactures plastic parts for electrical and electronic appliances. Their customers are mainly the Original Equipment Manufacturers (OEM) as well as the subcontractors of the OEM. They are mostly Japanese manufacturers whose production sites are based in both Thailand and offshore. For example, SALEE has the exclusive right as the sole manufacturer in Thailand of the IC tray, a part that can store an electric charge, for leading Japanese electrical manufacturers.
“SALEE has a subsidiary company, Salee Printing Co., Ltd, in which it holds 99.99% stake. Salee Printing manufactures premium stickers employing modern technology and equipment. Most of Salee Printing’s customers are premium manufacturers. Thus, SALEE, should be another interesting business for investors to have a look at,” the President of mai said.
SALEE has THB145 mln. (approx. USD3.63 mln.) worth of paid-up capital. This holding is comprised of 115 mln. existing shares plus an additional 30 mln. shares in capital increase, each with a par value of THB1.00. Of its capital increase shares, SALEE sold 28.60 mln. shares to the public and 1.40 mln. shares to the executives and employees of SALEE and its subsidiary at THB2.89 during April 19 — 20, 2005.
There were also another 4.5 mln. shares (15% of the shares offered in its initial public offering) allotted under the Green Shoe option. Kim Eng Securities (Thailand) Plc. and Bangkok City Advisory Co. Ltd. are its financial advisors.
Concerning the use of the funds raised, SALEE will spend it on the construction of a new plastic factory to be built on a 30 rai (or 4.8 hectares) piece of land in Pathumthani. The project is due for completion in July 2005. As for its dividend payment policy, the company will pay out no less than 30% of net profits after taxes.
After the IPO, the 3 principal shareholders of SALEE are V.I.V. Interchem Co. Ltd., the Chivapornthip Group, and the Asawakarn Group, who hold 24.70%, 11.81%, and 7.00% of the Company’s paid-up capital, respectively.
For more information on Salee Industry Pcl., please browse the company’s website, www.saleeind.com, the mai’s website, www.mai.or.th; or SETTRADE.Com’s website, www.settrade.com
For more information
Kulvida Jintakawong Tel: 0-2229-2037
Nattaporn Boonprapa Tel: 0-2229-2049
Watsamon Saowakhonsathien Tel: 0-2229-2797 End.