mai welcomes distributor of air conditioning equipment and contractor service for installation of M&E work "24CS" on October 3

Friday 30 September 2022 09:34
Market for Alternative Investment (mai) will list Twenty-Four Con & Supply pcl, an importer and distributor of air conditioning and ventilation equipment and contractors to install engineering systems for building assembly, on October 3, under the ticker symbol "24CS". The company has a market capitalization at its initial public offering (IPO) of THB 1.46 billion (approx. USD 38.50 million).
mai welcomes distributor of air conditioning equipment and contractor service for installation of ME work 24CS on October 3

mai President Prapan Charoenprawatt said that 24CS would list and start trading on mai in the Property & Construction industry group.

24CS is an air conditioning and ventilation equipment importer and distributor for leading brands with international standard such as TROX, Trane, AAF, Kruger and Honeywell. In addition, the company is also an end-to-end service provider for the installation of building assembly engineering system and other types of construction work, such as civil and architectural work.

Most of the company's customers are main contractors such as Italian-Thai Development pcl and Power Line Engineering pcl, tasked with the construction of big-ticket infrastructures, electric train system, buildings in the airport area, power plants, power stations and office buildings. In the six-month period ending June 30, 2022, the company's revenue ratio of ready-built sales to materials & equipment sales stood to 62:38. Moreover, 24CS's unrealized income amounted to THB 1.17 billion.

24CS has a registered paid-up capital of THB 215 million, consisting of 300 million existing ordinary shares and 130 million newly issued shares, with a par value of THB 0.50 each. It offered at least 108.50 million shares to persons at the underwriters' discretion, up to 19.50 million shares to the company's patrons, and 2 million shares to the company's employees who are not directors nor executives, during September 23 and 26-27 at THB 3.40 each, for a total of THB 442 million. The IPO price was equivalent to price-to-earnings ratio (P/E ratio) of 48.57 times. Earnings per share is equal to THB 0.07, which was calculated from the company's net profit of THB 29.14 million in the past 12 months (from July 1, 2021 to June 30, 2022), divided by fully diluted shares. UOB Kay Hian Securities (Thailand) pcl is its financial advisor and Asia Wealth Securities Co., Ltd. is the lead underwriter.

24CS Chief Executive Officer Yodsawee Wattanateerakitja said that the company's strength is being a distributor of leading brands of air conditioning equipment from both local and international manufacturers, enabling cost-effective management. In addition, 24CS has a team of engineers with experience and expertise in system installation especially the air conditioning system and the internal air circulation control, well-recognized for the quality of work and has gained customer trust continuously. The fund raised will be used as working capital for the company's business operations.

24CS's major shareholders after the IPO are Yodsawee Wattanateerakitja (24.42 percent), Santi Maneewong (24.42 percent), and Thawatchai Jirawataungkana, Prapai Wongmakes and Poonsawad Sripataranusorn (6.98 percent each). The company'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 all types of reserves as specified by law and the company's regulations.

Investors and interested parties can find the company's prospectus at the Securities and Exchange Commission's website at; and for general information, please visit as well as

Source: SET Corporate Communications