Bangkok--Jul 19--Weber Shandwick
IRP signs Underwriting Agreement at top end price Baht 3.75 backed by strong Institutional demand Locally and Internationally Impressive Q1, 2005 results delared
Indorama Polymers (IRP), the leading producer of PET Polymer for Bottles in Thailand is issuing 368 million new shares including Greenshoe option of 48 million shares.
The book building process for Institutional sales was completed over 2 days on the 14th July and has met with resounding success. Overwhelming demand came at the top end of the price range which was set at Baht 3.55-3.75 per share from both Foreign and Local Institutions and the issue was over subscribed 3 times.
Khun Rathian Srimongkol, Chairman of Siam City Securities Limited remarked “ I am pleased with the response which goes to show that the investors appetite for good fundamental issues with Growth orientation is still strong despite a lack-luster capital market”.
IRP has shown a strong growth in its earnings over last many years and its most recent consolidated result of Q1, 2005 shows a yoy revenue growth of 200% to Baht 2,852 million. Net earnings over the same period grew by 103% resulting in an impressive Q1, 2005 annualized ROE of 25.8%.
Highlights of Q2, 2005 operation are
-- Successful start-ups of additional 36,000 tpy PET capacity at subsidiary Starpet —USA in
April 2005, and
-- Margin improvement in Q2, 2005 because of fall in Petrochemical feedstock prices.
IRP subsidiary OrionPET — Lithuania and Petform — Thailand (a joint venture with Sermsuk plc.) are building new capacity, which are due for completion in Q1, 2006 resulting in nearly doubling of IRP Groups capacity to over 424,000 tpy of PET and 348 million pieces of Preforms and bottles. Petform - Thailand is also adding bottle blowing project to boost its capacity to meet the packaging needs of its customers.
Indorama Polymers Pubic Company Limited (IRP) will offer its 368 million IPO shares at 3.75 Baht per share. Subscription for the IPO shares can be made during July 20-21. Indorama anticipates the shares will commence trading on the SET during first week of August, 2005 under the ticker symbol “IRP”. Siam City Securities has been appointed as the financial advisor and lead underwriter, while Kim Eng Securities is acting as co — lead underwriter alongwith 10 co-underwriters.
Mr. Aloke Lohia, CEO of IRP was visibly delighted with the tremendous response by institutions which goes to endorse the Business strategy the Group has adopted to grow internationally backed by its strong presence in 3 continents.
Note to editor: Indorama Polymers Public Company Limited (IRP) was established as IndoPet (Thailand) in 1995. The company is a world class manufacturer of PET Polymers through its 4 subsidiaries; (1) Asia Pet (Thailand) Limited (2) StarPet Inc. USA (3) UAB Orion Global Pet Lithuania (4) Petform (Thailand) Limited. Indorama Polymers is clearly focused on growing with the global trend in demand, while maintaining its ability to optimally serve its customers in the domestic and nearby markets of its manufacturing facilities.
For more information, please contact:
Mr.Pramod Narayan Dubey
AVP - Marketing
Indorama Polymers Public Company Limited
Tel: 0 2661 6661
Email: [email protected]
Khun Kamonwan Thansri
Weber Shandwick (Thailand) Limited
Tel: 0 2257 0300 ext 332
Email: [email protected] End.