SET News :mai to list “Eastern Technical Engineering” on February 15

BANGKOK, February 14, 2017 – Market for Alternative Investment (mai) will list

Eastern Technical Engineering pcl, a company engaging in manpower management and

business management services, engineering services, and solar energy services,

on February 15, under the ticker symbol “ETE”. The company has a market

capitalization at its initial public offering (IPO) of THB 2.35 billion

(approximately USD 67.2 million).

mai President Prapan Charoenprawatt said that ETE would list and start trading

on mai in the Services industry group. ETE and its subsidiaries offer manpower

management, business process outsourcing and car rental with driver services,

electrical power engineering system and telecommunication engineering system

services, as well as solar energy business. Currently, ETE operates four solar

plants with a combined capacity of 16.47 mega watts.

ETE has a paid-up registered capital of THB 280 million, consisting of 420

million existing common shares and 140 million newly issued shares with a par

value of THB 0.50. During February 7-9, it offered newly issued shares to the

general public via IPO at THB 4.20 each, for a total of THB 588 million. Finnex

Advisory Co., Ltd. is the financial advisor, while Apple Wealth Securities pcl

and Asia Wealth Securities Co., Ltd. are its underwriters.

ETE Chief Executive Officer Raivin Lekavorranan said that with more than 20

years of experience, ETE has provided both outsourced manpower management

services and electrical power engineering and telecommunication engineering

services to serve its clients in both private and public sectors. In 2016, ETE

expanded its business to solar energy service. The fund raised would be used for

loan repayment, and as working capital to fulfill the company’s goals.

ETE’s three major shareholders after the IPO are Raivin Lekavorranant and family

(57.33 percent), Thaweesak Vongsuppachart and family (3.35 percent) and

Yossatas Somwangsap (2.34 percent). The IPO price was equivalent to

price-to-earnings ratio (P/E ratio) of 174.61 times calculated by using the

company’s net profit in the past four quarters (October 1, 2015 – September 30,

2016) of THB 13.47 million, divided by fully diluted shares, representing

earnings per share of THB 0.024. This excludes revenue from the group’s solar

energy business which will be recognized starting from Q1/2017 onwards for 25

consecutive years. ETE’s dividend policy is to pay no less than 40 percent of

net profits after taxes and reserves.

For more information on ETE, please see the company’s prospectus at the

Securities and Exchange Commission’s website at www.sec.or.th; and general

information, please visit www.eastern-groups.com, as well as www.set.or.th.

Source: The Stock Exchange of Thailand

Post Author: thailandmirror.com