ASEAN KEY DESTINATIONS
SET News 28/2013
March 22, 2013
Thai alternative bourse to list furniture maker Eastcoast on March 26
BANGKOK, March 22, 2013 – The Stock Exchange of Thailand (SET) welcomes Eastcoast Furnitech pcl to its Market for Alternative Investment (mai). The company will list and start trading on March 26, under the ticker symbol "ECF", after it raised THB 144 million (USD 4.88 million) via an initial public offering (IPO).
Chanitr Charnchainarong, mai president, said: "ECF is the fourth company to be listed on mai this year. It manufactures furniture from particleboard and rubber wood, as well as producing drying lumber and paper foil, and distributes them to both overseas and domestic markets.”
ECF is mainly a made-to-order furniture manufacturer to furniture distributors and large-sized retail shops in overseas markets, particularly Japan. It also produces for domestic large-sized retail chains under its brands – Muse Fur Direct and Leaf – to Tesco Lotus, Big C, and Home Pro. In addition, the company also distributes through showrooms in Bangkok, under the “ELEGA” brand, in Index Living Mall and Home Pro.
ECF has a paid-up registered capital of THB 130 million, with a par value of THB 0.25 each, consisting of 400 million existing common shares and 120 million newly-issued shares. The company sold shares to the general public through an IPO on March 15 and 18-19, at THB 1.20 per share, for a total of THB 144 million. Asset Pro Management pcl is its financial advisor and Capital Nomura pcl is its underwriter.
Arak Suksawad, managing director of ECF, said: "Proceeds of the fundraising will be used to buy new machinery to make existing production lines more efficient and for working capital to cope with the increasing domestic and foreign demand for furniture. To be ready for the upcoming ASEAN Economic Community in 2015, ECF has committed to become one of Thailand’s top five furniture market leaders.”
ECF's three major shareholders after the IPO are Suksawat Group 76.92% Phatthamasatyasonthi Group 1.39% and Miss Kanokrat hangpai 0.85%. ECF has a price-earnings (P/E) ratio) of 17.51 times, calculated using earnings per share over the last four quarters (from January to December of 2012). The company's dividend policy is to pay no less than 40 percent of net profits after corporate taxes and reserves.
For more information on ECF, 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.eastcoast.co.th and www.mai.or.th
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