mai welcomes real estate developer CMC on November 19

Stocks and Financial Services Press Releases Friday November 16, 2018 17:54
Bangkok--16 Nov--SET

Market for Alternative Investment (mai) will list Chaoprayamahanakorn pcl, a leading real estate developer onNovember 19, under the ticker symbol "CMC". The company has a market capitalization at its initial public offering (IPO) of THB 3.00 billion (approx. USD 90.91 million).

mai President Prapan Charoenprawatt said that CMC would list and start trading on mai in Property & Construction Industry Group, using Market Capitalization approach.

CMC is a residential real estate developer. Its projects consist of condominiums, townhouses, townhomes, and single family homes, particularly focusing on condominium projects located near the mass rapid transit skytrain and subway stations in Bangkok and suburbs under 'Bangkok Horizon', 'Bangkok Feliz' and 'Chateau In Town' brands. CMC's property comprises 25 projects completed and ready for sale worth THB 4.1 billion; two projects under construction worth THB 1.9 billion; 10 projects in the pipeline worth THB 10 billion with expected revenue realization within three to four years.

CMC has a registered paid-up capital of THB 1 billion, consisting of 750 million existing common shares and 250 million newly issued shares, with a par value of THB 1.00 each. It offered no less than 12.30 million newly issued shares to patrons of the company, no less than 2 million shares to related persons, no less than 2.58 million shares to employees of the company & subsidiaries, and no less than 233.12 million shares to retail investors through underwriters or institutional investors during November 8-13, 2018 at THB 3.00 each, for a total of THB 750 million. Maybank Kim Eng Securities (Thailand) is its financial advisor. Maybank Kim Eng Securities (Thailand) and Country Group Securities are lead underwriters.

CMC Chief Executive Officer Wichian Padhayanun said that this listing would strengthen growth. The fund raised from this listing would be used for investment in the 10 future projects, working capital and debt repayment to financial institutions currently considered a high ratio, aiming to lower financial costs and enhance performance.

CMC's three major shareholders after IPO are Padhayanun's Group (75.43 percent), Funds under management of MFC Asset Management Plc. (3.77 percent), and Funds under management of Krungthai Asset Management Plc. (1.94 percent). The IPO price was equivalent to price-to-earnings (P/E) ratio of 15 times, calculated by using the company's net profit in the past 12 months (July 1, 2017 - June 30, 2018) amounting to THB 196.32 million, divided by fully diluted shares, representing earnings per share of THB 0.20. CMC's dividend policy is to pay no less than 40 percent of net profit from the company's separate financial statement after corporate income tax and legal reserves.

For more information, please see the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th; and for general information, please visit www.cmc.co.th and www.set.or.th.

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