Bangkok--Aug 1--SET
Indorama Polymers, a leading producer and distributor of PET polymers has been approved for listing in The Stock Exchange of Thailand’s (SET) Industrials Group. The firm has successfully raised approximately THB1.2 bln. worth of funds to help it serve domestic and overseas markets.
SET Executive Vice President, Ms. Sopawadee Lertmanaschai, announced that the SET Board of Governors approved the listing of Indorama Polymers Public Company Limited on the Exchange. The company’s securities will be listed in the Industrials Industry Group, Petrochemicals & Chemicals Sector. They will commence trading on August 2 using “IRP” as their symbol.
“Indorama Polymers is Thailand’s premier manufacturer of PET (Polyethylene Terephthalate Resin) polymers. It has been in business since 1995. Since then, the company has expanded to do business in several other associated industries with offices in different parts of the world. The SET is pleased that IRP has utilized the capital market to enlarge the company’s base in regional and global markets,” Ms. Sopawadee said.
IRP has THB1.38 bln. worth of paid-up capital. These holdings are comprised of an existing 1.06 bln. shares and 0.32 bln. shares in capital increase, each with a par value of THB1.00.
The company sold its capital increase shares at its initial public offering (IPO) on July 20 — 21, 2005, at THB3.75 per share. This IPO price is equal to 6.37 times its price/earnings (P/E) ratio. The Siam City Securities Co., Ltd. is IRP’s financial advisor.
Aside from the IPO shares, existing shareholders of IRP collectively sold 48 mln. shares under the green shoe option. Thus there were a total of 368 mln. shares sold to the public in IPO.
Indorama Polymers Pcl. and its four subsidiaries are engaged in the manufacturing and distributing of PET Polymers, preforms and closures. The group earns more than 90% of its revenues from the polymer business. Currently IRP is one of Asia’s core producers of PET polymers, and is Thailand’s leader in the market. IRP had approximately 56% and 47% market shares in 2003 and 2004 respectively.
Of THB1.2 bln. in funds raised through the IPO, IRP plans to spend it on servicing its debts and expanding its business. The remaining will be used as working capital. The group’s projects include an integrated state-of-art plant for the production of PET Polymers in Lithuania expected to be operational in Q1/2006, an expansion project for solid state polymerization (SSP) in the USA, as well as an expansion in its blowing and preforms production capacity. IRP aims to maintain its position as regional market leader, plus expand its position in the global market in polymers and other related businesses.
Presently the principal shareholders of IRP are Beacon Global Ltd., Indorama Industries Ltd., and Kim Eng Securities Private Limited, holding 38.86%, 26.48%, and 10.20% of the company’s paid-up capital after the IPO respectively. For its dividend payment policy, IRP will pay out no less than 30% of its net profits after taxes and legal reserves.
For more information on Indorama Polymers Pcl., please see its corporate website at www.indoramapolymers.com, the SET website at www.set.or.th, or SETTRADE.Com website at 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.