Bangkok--21 Sep--Siam PR
Moong Pattana International Public Co., Ltd., has set its initial public offering (IPO) price at 2.30 baht a share. The company also appointed 4 financial advisors namely Asia Plus Securities, Thanachart Securities, Financia Syrus Securities and Country Group as lead underwriter for share subscription, whose booking period will be held during September 23-24. Trading on the MAI is scheduled on October 1, 2009. Under the stock sign of MOONG, the company is confident of a good response as a result of 30 years of business expertise and future business expansion trend.
Mr. Sumeth Lersumitkul, Chief Executive Officer of Moong Pattana International Public Co., Ltd., leader in distribution of consumer products with stock sign of “MOONG” disclosed that the Securities and Exchange Commission (SEC) had made approval for the company to engage in its initial public offering (IPO) with a total of 30 million shares. “We will use the proceeds from the IPO as working capital needed in fueling the intended business expansion and paying off certain portions of the debts. With the completion of the IPO, the company will have net interest bearing debt to equity ratio at 0.3 time, from the current of 0.5 time,” he said.
“In the next 2-3 years, Moong Pattana International plans to focus on new products for both mothercare product category under the brand of Pigeon and other brands of products, with attempts to increase sales revenue through the utilization of our distribution channels well over 8,000 retailers nationwide. Our products will be able to capture the targeted consumers. In addition, the company has plans to market nipples to help bolster the sales figure, and concentrate on current brands by emphasizing on brand value to allow a better recognition. This will coincide with our policy of being a distributor with vast product variety representing new products and services through our expertise in sales, marking with long-term brand management and perhaps a joint venture/investment is also desirable. With name that has been trusted for a long time, Moong Pattana International PLC will be a good choice for brands of products that demand strong marketing and distribution in Thailand,” Mr. Sumeth explained.
Dr.Kongkiat Opaswongkarn, Chief Executive Officer of Asia Plus Securities PLC, as financial advisor and lead underwriter for the IPO of MOONG, said the IPO price had been set at 2.30 baht a share with booking period set during September 23 to 24 this year. “Asia Plus Securities is joined by 3 other securities companies namely Thanachart Securities PLC, Financia Syrus Securities PLC and Country Group Securities PLC. First trading day of MOONG on the MAI is scheduled on October 1, 2009.” he said.
“MOONG stock has been in the spotlight for several investors given its excellence in business involving products for mothers and children for over 30 years. With strong brand and customer management, Moong Pattana International is prepared to accommodate future business expansion to bolster its prosperities,” Dr.Kongkiat said.
As for the performance of MOONG, the company has operated as distributor of products since 1981 and its performance has been solid and growing in the last 28 years. Sales soared from 277.1 million baht in 2006 to 345.2 million baht and 421.3 million baht in 2007 and 2008 respectively. For the first 6 months of 2009, the company has a total sales revenue of 205.8 million baht, up 4.7% from the same period a year ago.
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