mai welcomes prestressed concrete producer and contractor SK on October 8

Stocks and Financial Services Press Releases Wednesday October 7, 2020 17:22
Bangkok--7 Oct--SET Corporate Communications

Sirakorn pcl, a manufacturer of prestressed concrete products and construction service provider, will be listed on Market for Alternative Investment (mai) on October 8, under the ticker symbol “SK”. The company has a market capitalization at its initial public offering (IPO) of THB 368 million (approx. USD 11.6 million).

mai President Prapan Charoenprawatt said that SK would list and start trading on mai in Property and Construction industry group. SK and its subsidiaries manufacture and distribute prestressed concrete products including electric pole, pile. stanchion, foundation, bridge slabs, etc. Six manufacturing plants are located in strategic locations covering all regions across the country including Chainat, Kalasin, Lampang, Chonburi, Surat Thani and Songkhla provinces, with efficient distribution network nationwide. In addition, SK and two of its 99.99 percent-owned units, 4A Concrete Co., Ltd. and Sirikamol Construction Co., Ltd., provide power transmission line construction and civil works services. During the first six months of 2020, 51 percent of its revenue was generated from sales while the remaining 49 percent was from construction projects. The customer portfolio ratio of government and private sectors is 75:25.

SK has a paid-up registered capital of THB 230 million, consisting of 344.65 million existing common shares and 115.35 million newly issued shares, with a par value of THB 0.50 each. It offered the entire newly issued shares to general public during September 28 - 30, 2020 at THB 0.80 each, for a total of THB 92.28 million. The IPO price was equivalent to price-to-earnings ratio (P/E ratio) of 8 times, calculated by using the company's net profit in the past 12 months (July 1, 2019 – June 30, 2020) of THB 45.93 million, divided by fully diluted shares, representing earnings per share of THB 0.10. Capital One Partners Co., Ltd. is its financial advisor while Globlex Securities Co., Ltd., and Country Group Securities pcl are lead underwriters.

SK Managing Director Kovit Hunhirun said with over 30 years of experience in prestressed concrete product manufacturing and distribution, and over 20 years of expertise in power line construction business, the company is well equipped with unparalleled engineering experts. With plant locations strategically covering distribution area nationwide, the company is cost-effective in logistics front. This listing on the bourse will help strengthen the capital base to be allocated for investments in machine, equipment, logistics trucks, and as working capital to support construction business expansion.

SK's three major shareholders after IPO are Tangnukulkij family (30.20 percent), Kittiworaphat family (8.02 percent) and Poomsanoh family (7.23 percent). The company's dividend policy is to pay no less than 50 percent of net profit after corporate income tax from the company's separated financial statement, and legal reserves.

For more information on SK, 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.sirikorn.co.th as well as www.set.or.th .


Latest Press Release

SCB teams up with Lightnet to offer cross-border fund transfer from South Korea to Thailand

As a digital banking leader, Siam Commercial Bank (SCB) never stops developing its financial technology capabilities, and in a recent move SCB has announced a new business partnership with the Lightnet Group, a fintech startup offering financial services...

SEC approves Kerry Express's IPO Application and the Filing has become effective. KEX's first trading day is expected to be in the 4th week of December.

Kerry Express has officially received the SEC's approval on its IPO Application and the Filing has since become effective on 1 December 2020, and is ready to be listed. The price range is set at 25.00 - 28.00 baht. Subscription will take place between 8...

EVONET Global Pte. Ltd Raises USD30 Million in Series A Round of Financing

EVONET Global ("the Company") is excited to announce that it has successfully raised USD 30 million in series A round funding from TIS Inc. (www.tis.co.jp) through CardInfoLink. The proceeds will be used to set up an innovative platform and business for...

Alldebit Pte Ltd's exciting new and additional digital payment roll outs

It is indeed an exciting time for the Singapore headquartered digital payment solution provider, Alldebit Pte Ltd, who is rolling out Singapore - PayNow, Indonesia - Doku wallet, Malaysia - Touch n Go, China - UnionPay QR and Buy Now Pay Later payment -...

Fitch Rates Maybank Kim Eng Securities' Long-Term Subordinated Debentures 'AA-(tha)'

Fitch Ratings (Thailand) has assigned Maybank Kim Eng Securities (Thailand) Public Company Limited's (MBKET, AA(tha)/Stable/F1+(tha)) upcoming Thai baht subordinated debentures a National Long-Term Rating of 'AA-(tha)'. The company plans to use the...

Related Topics