SET Senior Executive Vice President Manpong Senanarong said that BAM would list and start trading on SET in Financials industry group, Finance and Securities sector.
The company, which has 20 years of experience, is the country's largest asset management company with network across the nation. BAM has been incorporated in 1999 under Emergency Decree on Asset Management Company B.E. 2541 to manage non-performing loans (NPLs) and non-performing assets (NPAs) of Bangkok Bank of Commerce pcl (BBC) which collapsed during the 1997 financial crisis, and extend its business scope to manage NPLs and NPAs of other financial institutions as well.
BAM has a registered paid-up capital of THB 15,075 million, with a par value of THB 5 each. It offered 1,765 million IPO shares, of which 1,255 million were existing common shares held by the Financial Institutions Development Fund, 280 million were newly issued shares, and 230 million were reserved for over-allotment option, to general public during November 25-29, 2019 and institutional investors between December 3-4 and 6, 2019 at the price of THB 17.50 each, Excluding 230 million over-allotment option, the offering value would be worth of THB 26.86 billion, equivalent to the fundraising worth of THB 4.9 billion. Kasikorn Securities pcl and Trinity Securities Co., Ltd. are financial advisors and lead underwriters.
BAM President Somporn Moonsrikaew said BAM's listing is aimed at strengthening financial potential for managing NPLs and NPAs acquisitions; debt and bonds repayment; working capital;and adapting management process to be on par with privately-owned companies, while increasing operational flexibility and competitive edge. BAM also aims to retain leadership in asset management business to grow strongly and sustainably in order to generate long-term return to shareholders and being key mechanism to create security to the country's economic system.
BAM's three major shareholders after IPO are the Financial Institutions Development Fund (41.46 percent), UBS Securities Pte Ltd (International Placement Agent) (10.69 percent), and Bualuang Long-Term Equity Fund (1.53 percent). The IPO price, determined by a book building process, was equivalent to price-to-book value ratio (P/BV ratio) of 1.73 times (calculated after interim dividend payment for the nine-month financial statements ended September 30, 2019). BAM's dividend policy is to pay no less than 40 percent of net profit of its separate financial statements after corporate income tax and legal reserves.
For more information on BAM, 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.bam.co.th , as well as www.set.or.th .