SET Senior Executive Vice President Manpong Senanarong said that PQS will be listed and start trading on the SET in the Agro & Food Industry industry group, Food & Beverage sector.
PQS manufactures and distributes native and modified tapioca starch under the brands of PQS and TWO CRANE. It supplies products mainly to business operators in food industry who use starch as a raw material including bread, noodles, sauces and sweetener, and to operators in non-food industries including paper, textile and medicines. PQS also produces and sells biogas electricity produced from waste residue from starch production process, and this helps mitigate environmental impacts, produces secure revenue for the company group and supports green economy concept.
PQS has a paid-up capital of THB 670 million consisting of 500 million existing common shares and 170 million newly issued shares, with a par value of THB 1.00 each. It offered the newly issued shares to the public during February 7-9, 2023, at THB 6.00 each for a total of THB 1.02 billion in fund raised. The IPO price was equivalent to price-to-earnings ratio (P/E ratio) of 11.85 times. The fully diluted earnings per share is equal to THB 0.51, which was calculated from the company's total net profit of THB 339.24 million during the fourth quarter of 2021 to the third quarter of 2022, divided by fully diluted shares. Fin Plus Advisory Co., Ltd. is the financial advisor and Finansa Securities Co., Ltd. is the lead underwriter.
PQS Chief Executive Officer Rathwiroon Chanchungthaworn said PQS has been under the management of knowledgeable and experienced executives for a long time and then the quality of its products meets standards and is internationally recognized. The listing will enhance its competitiveness in the way of cost advantage, boost business partners' confidence and increase potential for continuous and sustainable growth. The proceeds arising from the fundraising will be used to expand tapioca starch production capacity, build the extension part of biogas power plant, repay loans and as working capital.
PQS's dividend policy is to pay at least 40 percent of net profit from its separate financial statement after tax and all reserves required by laws. However, the dividend payment is subject to change, depending on its performance, financial status, liquidity, business expansion plan, any future necessity and suitability, and other relevant factors.
PQS's major shareholders after the IPO are the Chanchungthaworn family (46 percent) and the Thawatchutikorn family (20 percent).
For more information on PQS, 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.pqstarch.com and www.set.or.th.
Source: SET Corporate Communications