Sugar producer to begin trade on SET

Shares of Kaset Thai International Sugar Corporation Plc, Thailand's third biggest sugar producer, will begin trade on the Stock Exchange of Thailand Monday.

The stock will trade under the ticker symbol KTIS, with a market capitalisation at the initial public offering (IPO) price of 38.6 billion baht.

KTIS will be listed in SET's Food and Beverage sector, becoming the fifth new listing on SET this year, said SET executive vice president Chanitr Charnchainarong in a statement on Friday.

KTIS produced and distributed sugar and operated sugar-based businesses such as paper pulp, ethanol, and power plant.

It had paid-up registered capital of 3.86 billion baht, consisting of 3.27 billion existing shares and 585.43 million new shares, with a par value of one baht each.

The company offered 957.83 million shares through an IPO at 10 per share during April 21-23, for the total of 5.85 billion baht.

Kasikornthai Securities Plc is its financial adviser, while KT Zmico Securities Plc and Maybank Kim Eng Securities (Thailand) Plc are lead underwriters.

"The fund raised will be used for the construction of two biomass electricity plants to increase another 100 mega-watt capacity, as well as the production projects of syrup, pure white sugar and organic fertiliser," said KTIS CEO Parphan Siriviriyakul.

KTIS's three major shareholders after the IPO are the Siriviriyakul family (68.47%), 3S Holding Co Ltd (7.55%) and Aushores Trust (Singapore) Pte Ltd (ATO Zenith Asia Fund) (3.32%).

The IPO price had a price-to-earnings ratio of 30.54 times, calculated by using its 2013 net profits, divided by the number of fully diluted shares.

KTIS's dividend policy is to pay no less than 50% of net profits after reserves.

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