Market for Alternative Investment (mai) will list
AMA Marine pcl, a liquid logistics operator providing sea freight services in
Southeast Asia, as well as land transportation services domestically, on
December 22 under the ticker symbol "AMA." The company has a market
capitalization at its initial public offering (IPO) of THB 4.31 billion
(approximately USD 123 million).
mai President Prapan Charoenprawatt said that AMA would list and start trading
on mai in the Service industry group. AMA, a logistics company focused on liquid
transport by sea and by land. The sea freight services carrying palm oil and
other vegetable oils, operated mainly in Southeast Asia and East Asia, while the
land transport services carrying petrol and bio-diesel B100 operated
domestically by its subsidiary.
AMA has a paid-up registered capital of THB 215.8 million, consisting of THB
323.6 million existing common shares and 108 million newly issued shares, with a
par value of THB 0.50 each. During December 8-9 and 13-14, 2016 it offered
newly issued shares to the general public via IPO at THB 9.99 each, for a total
of THB 1.08 billion. Sage Capital Limited is the financial advisor and KGI
Securities pcl is the underwriter.
AMA managing director Pisan Ratchakitprakarn said the business has been in
operation for over 20 years providing water freight services to the large palm
oil producer and manufacturer in Malaysia and Indonesia. The company currently
operates eight oil and chemical tankers with a total capacity of 46,661 metric
tons and 95 tanker trucks with a total capacity of 4.28 million liters. AMA
would be the first listed company that provides sea freight services solely for
liquid goods. This listing would strengthen AMA's financial capabilities and the
company's potential to further provide services internationally. The fund
raised would be used to develop and expand its freight operation both sea
freight services and land transport services domestically and internationally,
while investing in areas that support its core logistics business.
AMA's three major shareholders after the IPO are Phiphat Ratchakitprakarn Group
(39.49 percent), PTG Logistics Co., Ltd (24.00 percent) and Pisan
Ratchakitprakarn Group (6.02 percent). The IPO price was equivalent to
price-to-earnings ratio (P/E ratio) of 31.29 times calculated by using the
company's net profit in the past 12 months (October 1, 2015- September 30, 2016)
of THB 137.80 million, divided by fully diluted shares, representing earnings
per share of THB 0.32. AMA's dividend policy is to pay no less than 25 percent
of net profits after taxes and reserves.
For more information on AMA, please see the company's prospectus at the
Securities and Exchange Commission's website at www.sec.or.th and general
information at the company's website at www.amamarine.co.th, as well as
SET "The 5th Decade of Sustainable Wealth for Thais"
Source: The Stock Exchange of Thailand