mai President Prapan Charoenprawatt said RWI, the eleventh new listing on mai this year, was a subsidiary of Capital Engineering Network pcl (CEN), a SET-listed company, with an aim to encourage its subsidiaries to acquire their own strong business growth. Therefore, the spin-off of RWI would build financial strength and prepare the company for future productivity expansion serving increasing demand of the country’s high tension steel wires following Thailand’s economic growth and the upcoming mega infrastructure projects.
RWI is the manufacturer and distributor of quality steel wires with key products consisting of pre-stressed concrete wire and pre-stressed concrete used in construction, such as producers of piling, electricity poles, pre-fabricated flooring, bridge beam, selling to government units and state enterprises.
It has a paid-up registered capital of THB 300 million, consisting of 450 million existing common shares and 150 million newly-issued shares, with a par value of THB 0.50. Of the new shares issued, 60 million shares were sold to CEN’s shareholders on September 3-5, and 90 million shares were offered to the general public via initial public offerings (IPOs) at THB 1.60 during September 10-12 for the total of THB 240 million. KT Zmico Securities Co., Ltd. is its financial advisor and lead underwriter.
Assoc. Prof. Dr. Chenin Chen, RWI's managing director, said that the spin-off to list RWI on mai would enable the company to raise fund for expansions and enhance its productivity effectiveness, to cope with the construction industry’s growth outlook and the country’s infrastructure development indicating clearer direction. RWI's three major shareholders after the IPOs are Capital Engineering Network Public Company Limited (75 percent), Leenabanchong's Family (2.83 percent), and Mr.Jirawuth Kuwanan (1.02 percent). The IPO price was equivalent to price per earnings ratio (P/E ratio) of 8.58 times, calculated by using the company's net profit in the past 12 months (March 31, 2013 – March 31, 2014) divided by fully diluted shares, representing earnings per share of THB 0.19. RWI's dividend policy is to pay no less than 50 percent of net profits after taxes and reserves.For more information on RWI, 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.rwi.co.th and www.mai.or.th