Bangkok--Jan 24--SET
G Steel Pcl., Thailand’s leading producer and distributor of hot-dipped galvanized steel sheets, is going to be the first listed company on the Thai bourse in 2006. The firm will have over THB15.00 billion in market capitalization at its IPO price.
The Stock Exchange of Thailand (SET) has approved the listing of G Steel Pcl. The company’s securities will be listed in the Property & Constructions Industry Group, Construction Materials Sector, on January 25, 2006, using “GSTEEL” as their trading symbol.
GSTEEL becomes the SET’s first listed company this year. The firm is a large producer and distributor of hot-rolled coil steel sheets for both local and foreign clientele. GSTEEL has a market capitalization, at its IPO (initial public offering) price, of THB15.52 billion (approx. USD393 million). The company raised funds through the capital market to help strengthen its capital base.
GSTEEL has THB9.70 billion (approx. USD264 million) in paid-up capital, comprised of an existing 8.20 billion shares and an additional 1.50 billion shares in capital increase, each with a par value of THB1.00. During January 17 — 20, 2006, the company sold its capital increase shares at THB1.60 per share. Asia Plus Securities Pcl. acted as its financial advisor.
On January 12, 2006, GSTEEL issued 99.97 million warrants to its directors, executives, and employees under its ESOP (Employee Stock Option Program). Of this amount, 42.50 million warrants have been allocated to the directors and executives, and the other 57.47 million warrants were allocated to 704 employees. These warrants bear an exercise option of one warrant per one common share. The warrant holders may exercise their rights after GSTEEL has been listed one full year, and the warrants will remain eligible for five years after issuance.
The IPO price of GSTEEL is equal to 6.2 times the company’s price-earnings (P/E) ratio, while its industry’s average P/E stands at 7.5 times. GSTEEL’s dividend policy is to pay out approximately 50% of its net profits after corporate taxes and legal reserves.
After the IPO, the GSTEEL’s three principal shareholders are 1) Superior Overseas (Thailand) Ltd., 2) Ample Vision Group Ltd. and 3) Dr. Somsak Leeswadtrakul, Ms. Patama Chiachuabsilp and related persons, holding 26%, 16.72%, and 12.61% of GSTEEL’s paid up capital respectively.
For more information on G Steel Pcl., please visit the company’s website on www.g-steel.com, the SET’s website www.set.or.th, or SETTRADE.Com’s website 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.