Bangkok--Nov 28--SET
The Stock Exchange of Thailand (SET) resumes trading of PP The firm is being transferred from the REHABCO sector to the Property Development sector, and its trading symbol is being changed to "POWER".
Executive Vice President (EVP) of the Stock Exchange of Thailand (SET) ,
Mr. Suthichai Chitvanich announced that the SET would transfer Power-P Pcl.'s (PP) securities from the REHABCO sector to the Property Development Sector (Property and Construction Group) on December 7, 2005, and allow trading to resume from that date onwards. PP is the fourth firm whose securities are returned to its regular sector this year,following those of Nakornthai Strip Mill Pcl.(NSM), K.C. Property Pcl. (KC) , and T.C.J. Asia Pcl. (TCJ) As noted in PP's letter requesting approval to transfer to the Property Development sector, the company has been earning net operating profits from its core business for three consecutive quarters (starting with Q1/2005, ending March 31, through Q3/2005, ending September 30). PP's financial statements, as of September 30, 2005, showed a positive shareholder's equity of THB 422 million. PP has also successfully completed its debt restructuring and the Central Bankruptcy Court terminated the business rehabilitation of the company on November 23, 2004. Furthermore, PP has demonstrated both its strong financial position and performance on a continuous basis.
"PP's strategic shareholders, who collectively hold 155,500,000 shares,
(par value is THB10 per share) or 74.05% of the total outstanding shares, have informed the SET that they will not sell their securities for at least one year from the day that PP resumes trading. The SET prohibits them from selling more than 25% of their shares during the first six months after trading resumes, while over the next six months, they may sell up to an additional 25%," the SET EVP said.
Mr. Suthichai also said that PP has posted an "SP" sign since 1999 when
the firm was transferred to the REHABCO sector. Investors should therefore closely consider PP's operating results utilizing its financial statements from the past few years as well as its information memorandum before making their decisions to purchase PP's securities. All details have been disseminated on the SET Market Analysis and Reporting Tool (SETSMART.)
In addition, PP would like to change its securities' trading symbol from
"PP" to "POWER". The SET will authorize the use of "POWER" effective on November 30,2005, and investors will be able to trade securities under the name "POWER" from December 7, 2005 onwards.
Furthermore, to allow the market mechanism to work freely, the SET will temporary lift the ceiling and floor limits on the company's securities on December 7, 2005.
Note: The qualifications required by companies that wish to move from
the REHABCO sector to a normal business sector are:
1. Show a positive shareholder's equity (after adjustments in accordance
with the auditor's opinion) before leaving the REHABCO sector.
2. Have a net operating profit from the company's core business for three
consecutive quarters or one year before submitting its application for reinstatement.
3. Have successfully restructured over 75% of the company's total debt
and been able to settle its debts on time.
4. Be able to demonstrate the company's strong financial position and
performance on a continuous basis as supported by the company's cash flows. End.