SET welcomes construction operator "WGE" on Nov 3

Monday 02 November 2020 17:23
SET welcomes construction operator WGE on Nov 3

The Stock Exchange of Thailand (SET) will list Well Graded Engineering Plc, a construction operator and custom-made utility system builder, on November 3, under the ticker symbol "WGE". The company has a market capitalization at its initial public offering (IPO) of THB 1.38 billion (approx. USD 43.8 million).

SET Senior Executive Vice President Manpong Senanarong said that WGE would list and start trading on SET in the Property & Construction industry group, Construction Services sector.

WGE and its subsidiaries offer construction services of buildings and other structures catering to both public and private sectors. The company?s scope of services covers civil engineering, building engineering system, landscape architecture, including the construction of utility system tailored to clients? needs. The construction projects are classified as hospitals, department stores or community malls, high-rise and low-rise condominiums, office buildings, and factories.

WGE has a registered paid-up capital of THB 300 million, consisting of 440 million existing common shares and 160 million newly issued shares, with a par value of THB 0.50 each. It earmarked 155 million newly issued shares to the public, and another 5 million newly issued shares to the company?s directors, executives, and/or employees during October 26-28 at THB 2.30 each, for a total of THB 368 million. The IPO price was equivalent to price-to-earnings ratio (P/E ratio) of 13.53 times. Country Group Advisory Co., Ltd. is its financial advisor and Country Group Securities pcl acts as lead underwriter.

WGE Chief Executive Officer Kraingsak Buanoom said that WGE has served clients with over 10 years of experience in the construction process of various types of buildings by a dedicated management and engineering teams with professionalism and expertise in the field of construction business. The company is committed to responding to customers? needs and delivering the highest standard of quality service. Moreover, WGE has also continuously focused on after-sales service and gained customer satisfaction, with competitive edge in construction bidding. The fund raised will be used for the firm?s working capital, warehouse expansion, and machinery and equipment purchase for construction projects in the future.

WGE?s dividend policy is to pay no less than 40 percent of net profit after corporate income tax and all types of reserves in compliance with the laws and the company?s regulations in the company?s consolidated financial statement. However, the company?s dividend payout may be different from this policy subject to the company?s performance, financial liquidity, necessities and appropriateness in the future, and other factors.

WGE?s three major shareholders after the IPO are Buanoom family (60.20 percent), Vayu Thongpoon (13.38 percent) and Narongsak Ditkornburi (1.09 percent).

For more information on WGE, 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.well-graded.com as well as www.set.or.th.