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 visitwww.eastern-groups.com, as well as www.set.or.th.