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