Bangkok--Sep 14--SET
The Market for Alternative Investment (mai) has approved the listing of Star Sanitaryware Pcl., a producer and distributor of sanitary wares and accessories under the brand “STAR”. The company will be listed on the mai on Sep. 15, 2005. It has raised THB122.85 mln. worth of funds from its IPO for production expansion, debt servicing, and working capital.
mai President Mr. Vichate Tantiwanich said that the securities of Star Sanitaryware Pcl. have been approved to list on the mai on September 13, 2005, using “STAR” as their trading symbol.
“STAR has a lot of growth potential. In the domestic market, demand for its products should grow in line with the growth of property development sector. Therefore, STAR should be another interesting alternative on the mai,” said Mr. Vichate.
Meanwhile, in the overseas markets, the economic growth of East Asian countries plus the comparatively higher wages in countries like England will contribute to STAR’s competitive advantages.
STAR has THB136 mln. (approx. USD3.32 mln.) worth of paid-up capital. These holdings are comprised of 100 mln. existing shares plus an additional 36 mln. shares in capital increase, each with a par value of THB1.00.
On August 31 and September 1- 2, 2005, the company sold 32.5 mln. shares (23.9% of paid-up capital after initial public offering) to the public at THB3.50, and an additional 3.5 mln. shares (2.57% of paid-up capital after the IPO) to STAR’s directors and employees at THB2.60 per share. Syrus Securities Pcl. was the company’s financial advisor.
STAR manufactures and distributes vitreous china sanitary ware and toilet accessories, including water closets and lavatories. Currently, STAR has a 7 to 8% domestic market share.
STAR’s newly-acquired funds will go for repaying its debts, purchasing a new kiln and needed equipment, and for working capital. STAR will pay out no less than 40% of its net profits after corporate taxes as dividends.
After the IPO, the three principal shareholders of STAR are Dr. Somchai Wongaroon, Mrs. Kannikar Wongaroon and Mr. Prasit Wongaroon, holding 11.52%, 8.95%, and 5.63% of the company’s paid-up capital, respectively.
For more information on Star Sanitaryware Pcl., please browse the company’s website, www.starsanitaryware.com, the mai’s website, www.mai.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.