Bangkok--24 Sep--SET
The Stock Exchange of Thailand (SET) will list Bangkok Life Assurance PCL in the Insurance Sector, Financials Industry Group, and commence trading on September 25, using “BLA” as its trading symbol, revealed SET Chief Marketing Officer, Issuer & Listing Vichate Tantiwanich
BLA was the seventeenth company to list in the Insurance Sector, and has a market capitalization (based on its IPO price) of THB16.20 billion (approx. USD480.41 million). BLA’s market capitalization is the second highest in its sector.
BLA offers life insurance services to individual and group customers. The company has earned its credibility from over 58 years of operation and has a life insurance market share of 7.99% (as of June 30, 2009), placing it fourth in Thailand’s life insurance business. The company’s strength is in its two selling channels, which are through qualified representatives and banks. The company’s major alliance partner is Bangkok Bank PCL, which is the country’s largest bank and has branches nationwide.
BLA has a total paid-up registered capital of THB1.2 billion (approx. USD35.59 million), consisting of 1,000 million existing common shares and 200 million capital increase shares, with a par value of THB1.00 each, and 20 million shares reserved for warrant redemption. At its initial public offering (IPO) on September 7-11, the company raised THB2.7 billion (approx. USD80.07 million), by offering 200 million shares to the general public at THB13.50 per share. The funds raised will be used as working capital and to strengthen the company’s reserves. Capital Nomura Securities PCL was its financial advisor.
BLA’s dividend payment policy is to pay no less than 25% after tax; dividends must be approved by the Office of the Insurance Commission (OIC). The company’s IPO price at THB13.50 was based on book-building, which yielded a price of between THB12.50-14.00 per share.
BLA’s major shareholders after the IPO are the Sophonpanich group, Nippon Life Insurance Company, Bangkok Bank PCL, and the Limsong group, which hold 32.23%, 20.83%, 7.74%, and 7.70% respectively, of the company's total shares.
For more information about Bangkok Life Assurance PCL, please see the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th; for general information on the company, please visit www.bla.co.th , www.set.or.th or www.settrade.com .
For more information, please contact S-E-T Call Center 0 2229 2222
Press office, please contact Public Relations Unit, the Corporate Communications Dept.: Ladawan Kantawong Tel: 0-2229-2036 / Kanokwan Khemmalai Tel: 0-2229-2048 / Panitee Chatpolarak Tel: 0-2229-2792