Thai alternative bourse lists maker of truck and trailer bodies on May 13
BANGKOK, May 13, 2013 - The Stock Exchange of Thailand (SET) welcomes Cho Thavee Dollasien pcl to its Market for Alternative Investment (mai), with listing on May 13 and trading starting that same day under the ticker symbol "CHO", after the firm raised THB 360 million (approx. USD 12.41 million) via an initial public offering (IPO).
Chanitr Charnchainarong, mai president, said: "CHO is the sixth company to be listed on mai this year. The company designs and develops vehicle bodies and automobile engineering systems for commercial use. It is also a world class coordinator of rail logistics and defensive country industry with professional management."
CHO's products and services are all made-to-order for private and government clientele, both in Thailand and overseas such as vehicles for airport ground support services, trucks, trailers, trailers with fiberglass container,fire-fighting trucks, rescue vans, military transport vehicles. Currently, CHO' major revenue is from designing and manufacturing of catering hi-loader trucks for airplanes. CHO is one of the three producers in the world that can design and assemble catering trucks for the Airbus A380. The company has also provided the services to various projects including consultant for Offshore Patrol Vessel (OPV) and maintenance services for Tesco-Lotus.
CHO has a paid-up registered capital of THB 180 million, with a par value of THB 0.25, consisting of 520 million existing common shares and 200 million newly-issued shares. The company sold 44 million shares to the general public through an IPO on May 2-3 and May 7 at THB 1.80 per share, for a total of THB 360 million. Asset Pro Management Co., Ltd. is the company's financial advisor and Phillip Securities (Thailand) pcl is the company's underwriter.
Suradech Thaveesaengsakulthai, CHO managing director and CEO, said: "Listing CHO on mai will strengthen working capital of the company. Part of the funds raised will be invested in research and development of commercial automation system.
Funds will also be used to construct a factory producing PU foam insulation,which is used in making the fiberglass food container for cold storage."
CHO's three major shareholders after the IPO are Mr. Suradech Taweesaengsakulthai 45.21%, Ms. Wadsana Taveesaengsakulthai 5.78%, and Ms.Thunyarat Taveesaengsakulthai 4.63%. CHO has a price-earnings (P/E) ratio) of 63.7 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.