Bangkok--26 Sep--SET
Thai Industrial & Engineering Service PCL will be listed on Thailand’s Market for Alternative Investment (mai). The company has expertise in civil engineering work, including installing engineering systems for industrial plants, high-rise buildings, and residences.
These securities will be listed on the mai on September 28, with “TIES” as their trading symbol, Mr. Chanitr Charnchainarong, President of the mai said.
TIES has THB 135 million (approx. USD 3.6 million). This comes from the existing 100 million shares and another 35 million shares in capital increase, each with a par value of THB 1.00.
TIES sold in its capital increase shares at an initial public offering (IPO) on Sep. 13 - 15, 2006. Thirty-three million shares were sold to the general public at THB 2.80 per share, while another two million shares were sold to the company’s directors and employees at THB 1.40.
TIES’ IPO price is equal to 6.2 times of its price/earnings (P/E) ratio, while the mai average stood at 8.29. Thanachart Securities PCL acted as TIES’ financial advisor. TIES’ dividend policy is to pay out no less than 50% of its net profits after corporate taxes and reserves as required by law.
TIES is expert in installing electricity and telecommunication, sanitary, fire protection, and other engineering systems. The firm targets projects whose worth is over THB 50 million. Its key customers include Beer Thai (1999), Siam Michelin, Thai Airways International, Cencar, and subsidiaries of Siam Cement group.
The proceeds from fundraising are to be used as working capital.
After the IPO, principal shareholders of TIES are the Chingumtornvong and Temsuk groups, who respectively hold 37.78% and 36.55% of its paid-up capital.
For more information on TIES, please visit its corporate website at www.tiesco.co.th , mai’s website at www.mai.or.th , and SETTRADE.Com’s website at www.settrade.com