Bangkok--Nov 24--SET
The securities of Unimit Engineering Pcl. have been approved to list on the Market for Alternative Investment (mai) on November 25, 2005, using “UEC” as their trading symbol.
UEC has THB143 mln. (approx. USD3.49 mln.) worth of paid-up capital. This is comprised of an existing 100 mln. shares plus an additional 43 mln. shares in capital increase each with a par value of THB1.00.
During the company’s initial public offering (IPO) on November 15 - 17, 2005, UEC sold 40 mln. shares to the general public and another 3 mln. shares to its directors and employees at THB8.10 per share. UEC’s public offering is equal to 30% of its paid-up capital. KGI Securities (Thailand) Pcl. acted as its financial advisor.
UEC is a manufacturer of made-to-order equipment used in industrial plants. Approximately 50% of its earnings are from the production and installation of pressure vessels used to contain such substances as liquefied petroleum gas (LPG). UEC’s second and third sources of income are from made-to-order machinery parts and steel structures.
UEC raised approximately THB329 mln. after deducting expenses. Of this amount, about THB110 mln. will be for purchasing land for plant expansion and THB50 mln. for buying new machines and equipment. Also, THB84 mln. will be spent on new plant facilities and machinery to expand steel structures and increase the company’s heat exchanger capacity. The remaining THB85 mln. has been earmarked to purchase machinery and equipment for UEC’s high pressure vessel products.
UEC is conducting a feasibility study to manufacture pressure vessels for NGV tanks. If the project is feasible, the company expects to start manufacturing in Q3/2007.
The firm’s IPO price of THB8.10 is equal to 8.02 times its price-earnings (P/E) ratio. The average P/E ratio of the mai is about 9.56 times (data from Jan. — Oct. 2005).
UEC’s dividend payment policy is to pay out no less than 40% of its net profits after taxes and reserves.
After its IPO, UEC’s principal shareholders are the Chalermsaphayakorn, the Utaisincharoen and the Asavanont groups, which hold 16.26%, 10.68%, and 7.49% of the company’s paid-up capital respectively.
For more information on UEC, please visit www.unimit.com, www.mai.or.th, or www.settrade.com
For more information,
please contact the Corporate Communications Dept.:
Ladawan Kantawong Tel: 0-2229-2036
Kulvida Jintakawong Tel: 0-2229-2037
Nattaporn Boonprapa Tel: 0-2229-2049
Watsamon Saowakhonsathien End.