mai President Prapan Charoenprawatt said that CHEWA would list and start trading on mai in the Property & Construction Industry group. CHEWA was a joint venture between Chartchewa Co., Ltd. and TEE Development Pte Ltd., a subsidiary of Singapore's listed real estate developer TEE Land Ltd. CHEWA and its subsidiaries have developed condominiums under the brand, "Chewathai" and "HALLMARK." The company currently has six condominium projects for sales worth a combine THB 5.83 billion, and has one project under construction worth THB 1.04 billion, as well as operating ready-built 10 factories for rent, locating on Amata City industrial estate, presently rent by four tenants.
CHEWA has a paid-up registered capital of THB 750 million, consisting of 488 million existing common shares and 262 million newly issued shares, with a par value of THB 1.00 each. During March 30-31, it offered newly issued shares to the general public via IPO, at THB 1.60 each, for a total of THB 419.20 million. RHB Securities (Thailand) pcl was the financial advisor and lead underwriter, while KTB Securities (Thailand) Co., Ltd. was a joint lead underwriter.
CHEWA Chairman Chartchai Panichewa said that CHEWA focused on prime site selection with convenient access to transportation and fine surrounding environment, in response to the needs of each customer segment. The listing of CHEWA on mai would increase customers' confidence and strengthen the company's financial capabilities. The fund raised would be used as working capital, debt repayment and to develop future property projects, responding to the business growth.
CHEWA's three major shareholders after the IPO are Chartchai Panichewagroup (33.40 percent), TEE Development Pte Ltd. (31.88 percent), and UOB KAY HIAN Private Limited (2.67 percent). The IPO price was equivalent to price-to-earnings ratio (P/E ratio) of 14.42 times calculated by using the company's net profit in the past 12 months (January 1 - December 31, 2015), divided by fully diluted shares, representing earnings per share of THB 0.11. CHEWA's dividend policy is to pay no less than 40 percent of net profits after taxes and reserves.
For more information on CHEWA, 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.chewathai.com , as well as www.set.or.th.
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