Bangkok--Jan 31--124 Communications
Bangkok Metro Plc (BMCL) is scheduled to list on the Stock Exchange of Thailand (SET) and float 2,856.23 million shares to the public in order to purchase additional trains and related equipment, repay debts and increase working capital.
Dr. Sombat Kitjalaksana, Managing Director of BMCL, the operator of the Bangkok Metro Chaloem Ratchamongkhon Line (the initial blue line), Thailand’s first underground mass rapid transit system, revealed: “the company will float approximately 2,856.23 million ordinary shares to the public, consisting of 1,315.81 million new ordinary shares and no more than 1,540.42 million existing shares accounting for
23.90% of the company’s Baht 11,950 million registered capital. 300 million Greenshoe shares might also be provided. Kim Eng Securities (Thailand) Plc. has been appointed as BMCL’s financial advisor. Presently, the company has paid up capital of Baht 7,646.69 million at par value of Baht 1.”
Proceeds from the initial pubic offering will be used to purchase five additional trains, invest in related equipment such as token vending machines, stored value card vending machines and automatic gates to accommodate the expected increased number of passengers in the near future, and repay debts. The remaining balance will be used as working capital.
The company posted Baht 695.67 million in total revenue for the first nine-month period of the year 2005, Baht 445.88 million and Baht 3.38 million in 2004 and 2003, respectively. Meanwhile, the number of average passengers increased from 151,225 persons per working day in 2004 to 179,145 persons per working day in 2005.
Dr. Sombat added that the company’s shareholding structure comprises 4 major parties with the CH.Karnchang group stake at 41.81%, the Bangkok Expressway Plc 18.89%, the Natural Park Group 18.75%, and financial partners 16.67%. Following the company’s initial public offering, with additional capital from Mass Rapid Transit Authority of Thailand (MRTA), the CH.Karnchang Group’s stake will therefore stand at 24.85%, the Bangkok Expressway Plc 9.99%, the Natural Park Group 6.86% and financial partners 6.90%.
BMCL has a policy to pay dividends approximately 40% of its net profit after deduction of all reserves required by laws and under the Onshore Facilities Agreement (in particular after reserving funds for the payment of principal and interest). However, dividend payout also depends on the company’s investment plans, cash flow efficiency and other necessities.
Mr. Montree Sornpaisarn, the Chief Executive Officer of Kim Eng Securities (Thailand) Plc., acting as the financial advisor and the lead underwriter for BMCL, said: “Bangkok Metro Plc (BMCL) is an outstanding company. It is the sole operator of Thailand’s first underground system with exclusive concession for the operation and maintenance of the Metro Chaloem Ratchamongkhol Line (the initial blue line). This line links Hua Lamphong station - Queen Sirikit National Convention Centre - Bang Sue, with total distance of 20 kilometers and 18 underground stations. BMCL operates the project under the Act on Private Participation in State Enterprise B.E. 2535 (1992), pursuant to which the government was required to invest in the basic civil works and was to be the grantor of a concession, while a private concessionaire was to invest in the M&E Equipment and operate and maintain the metro service for 25 years.
BMCL is the pride of Thai people and is an important initial step for Thailand’s mass transit system. To be listed on the Stock Exchange of Thailand (SET) is, therefore, to share this pride with all Thais.” Mr. Montree added that he is confident that BMCL will become a very attractive offering for institutional investors as well as retail investors.
At present, BMCL has 3 subsidiaries, including Triads Networks with Baht 25 million baht paid-up capital, BMCL Networks with Baht 105 million paid-up capital and Metro Mall Development with Baht 50 million paid-up capital. These subsidiraries conduct the business of procuring advertising in trains and stations, servicing and maintaining the telecommunication systems and renting retail space in stations, respectively.
For more information please contact:
Inthira Chionnom
M.L. Chatramanee Kasemsri
Duchanee Nualkeiw
124 Communications Plc
Tel. 02-662-2266 End.