Thai bourse to list JAS Asset on November 10

Monday 09 November 2015 17:44
The Stock Exchange of Thailand (SET) will list JAS Asset pcl, a rental retail space management business and a property developer, on November 10, under the ticker symbol "J". The company has a market capitalization at its initial public offering (IPO) of THB 1.03 billion (approx. USD 28.5 million).

SET Executive Vice President Santi Kiranand said J would list and start trading on SET's in the Property & Construction industry group, Property Development sector on November 10. The company was a subsidiary of Jay Mart pcl (JMART), a listed company which was a leading mobile phones and accessories retailer. J operated rental service in shopping centers for sellers of IT products and mobile phones under the shop named "IT Junction", with43 branches in Bangkok, suburbs and major provinces in Thailand. In addition, the company also expanded into managing and developing community malls, namely "J Market" and "The Jas".

J has a paid-up registered capital of THB 370.39 million, consisting of 250 million existing common shares and 120.39 million newly-issued shares with a par value of THB 1.0 each. During October 26-28, 2015, it offered 48.16 million newly-issued shares to JMART's shareholders as well as 72.23 million shares to the general public via IPO during November 2-4, 2015 at THB 2.77 each, for a total of THB 1.03 billion. Asia Plus Advisory Co., Ltd. is its financial advisor while Asia Plus Securities pcl is its underwriter.

J's CEO Nonglak Laksanapokin said being a JMART's subsidiary, J could benefit from the access to its parent firm's customers and would provide full services to customers. About 70 percent of the fund raised would be used to expand businesses, on "IT Junction" "J Market" and "The Jas" in order to serve the growing demand of rental space management business, while the rest was for debt repayment.

J's three major shareholders after the IPO are Jay Mart pcl (67.50 percent), Sukumvitaya Family (2.80 percent), Adisak Naknaotim (1.10 percent). The IPO price, was equivalent to price-to-earnings ratio (P/E ratio) of 21.54times, calculated by using the company's net profit in the past 12 months (July 1, 2014-June 30, 2015), after deduction of accounting losses from asset's depreciation and allowance for impairment losses, divided by fully diluted shares. Without reduction of accounting losses, J's P/E ratio was 12.68 times. J's dividend policy is to pay no less than 50 percent of net profit after taxes and reserves.

For more information on J, 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.jasasset.co.th , as well aswww.set.or.th .