Bangkok--Aug 24--SET
The SET has approved the listing of Asia Sermkij Leasing Pcl. (ASK) on the bourse. ASK’s securities will be listed in the Financials Group, Finance & Securities Sector, starting from August 25, 2005, onwards using “ASK” as their trading symbol.
Listed securities of ASK are comprised of 115 mln. common shares with a par value of THB5.00 each, totaling THB575 mln. (approx. USD14 mln.). During August 16 — 18, 2005, the company sold its 23 mln. shares in capital increase at its initial public offering (IPO) for THB8.90 per share. Also, there were an additional 3.45 mln. shares sold under the green shoe option at the IPO. The IPO price was equal to ASK’s 7.36 price/earnings ratio. (The industry’s price/earnings ratio during April — July 2005 ranged between 9 — 12 times.)
ASK had Sage Capital Ltd. as its financial advisor and KGI securities (Thailand) Pcl. as its underwriter. For the over-allotted share portion, Asia Plus Securities Pcl. will be the over-allotment agent who’ll return these shares to the lender within 30 days starting from ASK’s first-trading date.
ASK has one subsidiary—Bangkok Grand Pacific Lease Pcl. (in which ASK holds a 99.99% stake). The business activities of ASK and its subsidiary can be divided into 4 types-- 1) Automobile Hire Purchase Service, which generated about 68% of the group’s total revenues in Q1/2005, 2) Leasing Service, generating about 11%, 3) Factoring Service, and 4) Other Services, such as the company’s personal loans, floor plan financing, auto registration, tax renewal and insurance facilitation services.
In Q1/2005, the ASK group had THB6.5 bln. in total receivables, THB168 mln. in total sales and THB34 mln. in net profits. The company’s return on shareholders’ equity ratio stood at about 22%. ASK’s dividend policy is to pay out 40%-70% of the amount that can be paid as dividends after net operating profits.
Out of the THB196 mln. in funds raised, ASK plans to expand its hire-purchase service and develop its IT system to improve its efficiency.
After the IPO, ASK’s principal shareholders are the Koo and Bangkok Bank Groups, which hold 63.72% and 10.06% of the company’s paid-up capital, respectively.
For more information on Asia Sermkij Leasing Pcl., please browse the company’s website at www.ask.co.th, or the website of the SET and its subsidiary, SETTRADE, at www.set.or.th and 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.