ASEAN KEY DESTINATIONS
SET News 16/2013
Feb 27, 2013
Thai alternative bourse to list machine producer EUREKA on March 1
BANGKOK, February 27, 2013 – The Stock Exchange of Thailand (SET) welcomes Eureka Design pcl to its Market for Alternative Investment (mai). The company will list and start trading on March 1, under the ticker symbol "EUREKA", after it raised THB 112.5 million (approx. USD 3.75 million) via an initial public offering (IPO).
Chanitr Charnchainarong, mai president, said: "EUREKA will be the third new listing this year. The company operates business of design and produce of assembly and testing machines, including jig and fixture for use in automotive industry. After recovering from the country’s flood disaster in late 2011, the Thai automotive industry is now back on track with significant growth and rising demand within the country."
EUREKA not only designs automotive machinery for customers but also provides solutions to problems that may occur in customers’ production processes. The firm’s main customers are leading automotive manufacturers, such as Toyota, Honda, Yamaha, Isuzu, Suzuki, Mitsubishi, and Tier-1 automotive parts makers.
EUREKA has a paid-up registered capital of THB 85 million, with a par value of THB 0.50 each, consisting of 120 million existing common shares and 50 million newly-issued shares. The company sold 50 million shares to the general public through an IPO on February 18-20 at THB 2.25 per share, for a total of THB 112.5 million. Finnex Advisory Co., Ltd. is the company’s financial advisor, and Finansia Syrus Securities pcl is the company’s underwriter.
Narakorn Ratchapolsitte, EUREKA chief executive officer and managing director, said: “EUREKA has a strong commitment to be in a leading position as a machine designer and manufacturer for the Thai automotive industry by 2014. Fundraising proceeds will be invested in new technology to increase efficiency of design services and machine production and will also be used for working capital to support automotive industry expansion."
EUREKA's four major shareholders after the IPO are the Ratchapolsitte group (32.79%), Supapon Kittithanalak (6.31%), Jakapong Bhovadhi (5.82%) and Wichet Muangchan (5.82%). EUREKA has a price-earnings (P/E) ratio) of 26.45 times, calculated using earnings per share over the last four quarters (from the fourth quarter of 2011 to the third quarter of 2012). The company's dividend policy is to pay no less than 40 percent of net profit according to the company’s separated financial statement, after tax and legal reserve each year.
For more information on EUREKA, 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.eurekadesign.co.th and www.mai.or.th
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