Bangkok--May 17--SET
Sahamit Machinery Pcl. will commence trading in the Industrials Industry Group with THB530 mln. worth of registered capital. It will spend the funds to invest in a plant for special steel processing, use a portion as working capital and use the remaining to service its debts.
Executive Vice President of The Stock Exchange of Thailand (SET), Ms. Sopawadee Lertmanaschai, said that the SET Board of Governors has approved the listing of Sahamit Machinery Pcl. in the Industrials Industry Group, the Automotive Sector. Its securities will commence trading from May 18, 2005 onwards, using “SMIT” as their trading symbol.
“Sahamit Machinery Pcl. (SMIT) is a long-established Thai company. It was founded more than 30 years when its founder saw business potential in a support industry crucial to the country’s development. SMIT’s businesses in the automotive industry are its strongest customer base and, with the company’s dedication to deliver quality goods and services to customers, this has lead to more than 2,000 clients in its portfolio and continuous growth in its operations. Thus SMIT should continue to be successful, create added value to its products and generate good long-term returns for its shareholders,” Ms. Sopawadee said.
SMIT has THB530 mln. (approx. USD13.25 mln.) worth of paid-up capital. This holding is comprised of 440 mln. existing shares plus an additional 90 mln. shares in capital increase, each with a par value of THB1.00. During May 10-11, 2005, the company sold its capital increase shares to the public at THB2.75. SMIT has Globlex Advisory Co. Ltd. as its financial advisor and Globlex Securities Co. Ltd. as its lead underwriter.
As for its proceeds from fundraising, SMIT will use THB130 mln. to invest in a plant for special steel processing, reserve THB100 mln. as its working capital, and use the remaining funds to service its debts. SMIT will pay out no less than 40% of its net profits after taxes and reserves. And, according to the resolution voted on at its 2005 annual general meeting held on April 29, 2005, the company will pay a total of THB53 mln. in dividends, or THB0.10 per share, to all shareholders whose names appear in the company’s book as of 12:00 hrs. of May 25, 2005. These dividends are scheduled for payment on May 30, 2005.
SMIT’s IPO price represents 11.46 times its price-earning (P/E) ratio calculated by using its 2004 earnings per share and its post-IPO number of shares. Meanwhile the P/E ratio of the automotive industry stands at 12.56 times. In addition to applying the P/E ratio data, SMIT’s IPO price was also obtained from book-building with institutional investors.
SMIT is an importer and distributor of various industrial steels, paper, machinery and equipment for major manufacturing industries including mould production and machine tools, automotive parts, electrical appliances and electronics, pulp paper and wood furniture.
After its IPO, the 3 principal shareholders are Mr. Chaisilp Tamesirichai and group, Mr. Prasong Srithornratkul and group, and Mr. Pramote Sivaruk and group, who hold 17.50%, 16.94%, and 14.30% of the Company’s paid-up capital, respectively.
For more information on Sahamit Machinery Pcl., please browse the company’s website, www.sahamit.co.th, the SET’s 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
Watsamon Saowakhonsathien Tel: 0-2229-2797 End.