mai President Prapan Charoenprawatt said PLT will be listed and starts trading on the mai in the Services industry group.
PLT and its subsidiary are liquefied petroleum gas (LPG) carriers for both marine and land transport, in shipping routes along the Gulf of Thailand and near-coastal areas including Cambodia and Vietnam. The company presently owns 19 vessels, and 44 trucks for transport service. The company's target customers are large LPG manufacturers or distributors in Thailand such as PTT Oil and Retail Business pcl, PTT pcl, and WP Energy pcl. In 2022, revenue from LPG marine transport accounts for 94 percent and land transport makes up 6 percent, with almost 90 percent of the marine transport revenue is generated by domestic water transport in terms of Contact of Affreightment (CoA).
PLT has a paid-up capital of THB 480 million after the IPO consisting of 680 million existing common shares and 280 million newly issued shares, with a par value of THB 0.50 each. Of the total newly issued shares, the company offered 238.9 million shares to persons at underwriters' discretion, up to 36.8 million shares to its patrons and up to 4.3 million shares to its employees between April 19 and 21, 2023, at THB 1.55 each for a total of THB 434 million in fund raised. The IPO price was equivalent to price-to-earnings ratio (P/E ratio) of 23.92 times. The earning per share is equal to THB 0.07, which was calculated from the company's net profit of THB 62.21 million in 2022, divided by fully diluted shares. Sage Capital Limited is the financial advisor while KGI Securities (Thailand) pcl is the lead underwriter.
PLT Chief Executive Officer Varawit Chimtawan said the company aims to be Thailand's and Asia-Pacific's leading transport service provider with a punctual delivery, capability to control the transport and professional operations under the convention on International Maritime Organization. This makes the company has been trusted by big clients over the past 13 years. The proceeds arising from the fundraising will be used to purchase ships carrying LPG and liquid chemical gas as well as trucks carrying LPG, install ERP system in the organization, improve the LPG-carrying-truck parking lot, build truck maintenance plant, and as working capital.
PLT's major shareholders after the IPO is the Chimtawan family (70.83 percent). PLT's dividend policy is to pay at least 40 percent of net profit from its separate financial statements after corporate income tax and reserves required by law and the company's regulations.
For more information on PLT, 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.pilatusmarine.co.th and www.set.or.th.
Source: SET Corporate Communications