SET Senior Executive Vice President Manpong Senanarong said that ETL will be listed and start trading on SET in the Services industry group, Transportation & Logistics sector.
ETL, a subsidiary of WICE Logistics pcl (WICE), is a holding company operated by holding shares in other companies with main businesses in providing cross-border land transportation carrier services between Thailand and Southeast Asian countries, Hong Kong and China, with border connections by road and rail. ETL has altogether six subsidiaries and associated companies located in four countries: Malaysia, China, Thailand, and Vietnam, which are strategic locations for business operations and customer touchpoints. The services cover cross-border road transport of goods, both full container load (FCL) and less than container load (LCL). The main customer groups consist of international logistics service providers, and freight forwarders that provide logistics services to entrepreneurs in the import and export of various industries such as electronic components, foods, solar cell panels, automotive parts, consumer products, medicines and medical supplies. In the first six months of 2023, the revenue ratio generated from services in Malaysia, China and Thailand was 42 : 31 : 27, respectively.
ETL has a paid-up capital of THB 310 million with a par value of THB 0.50 each. It offered 171.866 million IPO shares, 25.780 million shares of which were allocated by pre-emptive right to WICE during October 11-12 and 16-18, 2023, and 124.173 million shares to persons at the underwriter's discretion, as well as 21.913 million shares to the patrons of the company and subsidiaries during October 24-26, 2023, at THB 1.68 each, for a total of THB 288.73 million. The IPO price was equivalent to price-to-earnings ratio (P/E ratio) of 18.67 times. The earnings per share is equal to THB 0.09, which was calculated from the company's net profit for the last four quarters (from July 1, 2022 to June 30, 2023), divided by fully diluted shares.
Jay Capital Advisory Limited is the financial advisor. Thanachart Securities pcl and Asia Plus Securities Co., Ltd. are the lead underwriters.
ETL Chief Executive Officer Lee Yik Chieh said that ETL has been well-managed by a group of founders and executives with over 10 years of experience and expertise in the logistics business. The company is committed to linking the cross-border freight transport to countries in Asia and Europe, under the integration of logistics operational management via various transport modes to provide fast, flexible and efficient services, with capabilities to support the expansion of the business sector. The funds raised will be used to invest in vehicles, containers and container yards, enhance transportation management systems, make payment to the creditor for acquired business, repay loans from financial institutions, and as working capital.
After the IPO, the company's major shareholders are WICE (36.86 percent), Noya Holding Co., Ltd. (15.94 percent), Lee Yik Chieh (12.99 percent), and Krishavan Chuecharoenchai (6.49 percent). The company's dividend policy is to pay no less than 30 percent of net profit from the company's separate financial statements after corporate tax and legal reserves.
Investors and interested parties please see details from the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th; and for general information, please visit www.etl.co.th as well as www.set.or.th.
Source: SET Corporate Communications