SET News 1/2014
Jan 3, 2014
Thai alternative bourse lists palm oil refiner AI Energy on Jan 6
BANGKOK, January 3, 2014 - The Stock Exchange of Thailand (SET) kicks off 2014
by welcoming AI Energy pcl, producer and distributor of biodiesel from crude
palm oil, to its Market for Alternative Investment (mai). The company, with a
market capitalization of THB 5.34 billion (approx. USD 163 million), will list
and start trading on January 6 as mai's first listing of the year, under the
ticker symbol "AIE."
Chanitr Charnchainarong, mai President, said that AIE was a subsidiary of Asian
Insulators pcl (AI), which realized the growth potential of the alternative
energy business, and therefore decided to spin off AIE and list it on mai. The
company is listed under mai's market capitalization rule, paving the way for
companies having a market capitalization of more than THB1 billion to list on
mai.
AIE produces and distributes biodiesel refined from palm oil, manufactures palm
olien oil under the "PAMOLA" brand, and sells raw materials and by-products of
biodiesel production, such as palm acid oil and glycerin.
AIE has a paid-up registered capital of THB 1.13 billion, with a par value of
THB 1.00 each, consisting of 960 million existing common shares and 170 million
newly-issued shares. It sold a total of 445 million shares during its initial
public offering, of which 250 million went to AI's shareholders, and 195 million
to the general public at THB 4.75 per share. Asset Pro Management Co., Ltd. is
the company's financial advisor, while Capital Nomura Securities pcl, Finansia
Syrus Securities pcl, and Phillip Securities (Thailand) pcl are its
underwriters.
Anurag Thareratanavibool, managing director of AIE, said that the company felt
honored and very pleased to be listed on mai. The funds raised would be used to
buy machinery, improve the firm's biodiesel production process, as well as to
increase raw material inventory, thus boosting the company's growth prospects.
AIE's three major shareholders after the IPO are AI (59.59 percent),
Thareratanavibool Group (12.36 percent), and Jarunee Worakitjanuwat (0.66
percent). The IPO price had a price/earnings ratio (P/E) of 31.36 times,
calculated using estimated earnings in 2013 divided by the number of
fully-diluted shares, equivalent to earnings per share of THB 0.15. The company
reported a net profit of THB 137.27 million in January-September, 2013. Its
dividend policy is to pay no less than 40 percent of net profits after corporate
taxes and reserves.
For more information on AIE, please see the company's prospectus at the
Securities and Exchange Commission's website at www.sec.or.th and general
information at the company's website at www.aienergy.co.th and www.mai.or.th
SET Group: "Matching Your Right Financial Opportunities"
For more information, please visit www.set.or.th
Members of the media should contact the Public Relations Unit, Corporate
Communications Dept.:
Kanokwan Khemmalai, tel: +66 (0) 2229 2048 / Arada Kultawanich, tel: +66 (0) 222
2796
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