Bangkok--21 Sep--SET
Bangkok Metro PCL, Thailand’s first subway project, will be listed in the Services Industry Group after successfully raised funds to purchase additional trains, invest in equipment to service more passengers, repay loans, and increase working capital.
The securities of Bangkok Metro PCL will be listed in the Transportation & Logistics Sector, Services Industry Group, on September 21, with “BMCL” as their trading symbol, Mr. Vichate Tantiwanich, Executive Vice President of The Stock Exchange of Thailand (SET) said.
BMCL has THB 8.96 billion (approx. USD 239.00 million). This comes from its existing 7.35 billion shares, 1.32 billion shares in capital increase, and another 296.69 million shares previously allocated to the company’s directors, executives and employees. Each share has a par value of THB 1.00.
BMCL had a total of 2.76 billion shares sold in its initial public offering (IPO) on Sep. 8, and 11 — 13, 2006, at THB 1.31 per share. BMCL’s IPO shares are composed of 1.32 billion shares from its capital increase and 1.44 billion shares held by existing shareholders, mainly Bangkok Expressway PCL, Ch. Karnchang PCL., Krung Thai Bank PCL, Krung Thai Thana Wattana Fund, Mahasiri Siam Co., Ltd, Siam City Bank PCL, and TMB Bank PCL.
Of the IPO portion, 150 million shares were allocated to BMCL’s benefactors, 310 million shares to institutions, 1.63 billion shares to the general public, and 25 million shares to frequent subway users.
After listing, BMCL will receive THB 2.99 billion from MRTA (Mass Rapid Transit Authority of Thailand) for holding 2.99 million shares at THB 1.00 apiece. Hence, the total paid-up capital of BMCL will become THB 11.95 billion.
The IPO price of BMCL shares was calculated by assessing its future cash flows, measuring the company’s comparative value against its counterparts/benchmark companies, evaluating investor demand, and doing preliminary market testing. Kim Eng Securities (Thailand) PCL acted as BMCL’s financial advisor. BMCL’s dividend policy is to pay out no less than 40% of its net profits after reserves as required by law and by its loan agreements.
BMCL was granted a concession from the MRTA to invest in system development, operate, and maintain the electric train system of the MRTA Blue Line for a period of 25 years. The company has an exclusive right to collect fares and to develop commercial activities through three subsidiaries--Triad Network Co., Ltd. operating in-train and station space advertising, BMCL Network Co., Ltd. providing telecommunication equipment in the station areas as well as maintenance services, Metro Mall Development Co., Ltd. making available for rental advertising space in stations.
BMCL plans to use the fundraising proceeds to purchase five additional trains, to invest in equipment for expected increases in the number of passengers, to repay loans to financial institutions, and to reserve the remaining as working capital.
After the IPO and payment by MRTA, principal shareholders of BMCL become the MRTA, Ch.Karnchang PCL Group, and Natural Park PCL Group, who hold 25%, 19.56%, and 12% of its paid-up capital respectively.
For more information on BMCL, please visit its corporate website at www.bangkokmetro.co.th , SET’s website at www.set.or.th , and SETTRADE.Com’s website at 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 Tel: 0-2229-2797