SET welcomes rubber producer North East Rubber on November 7

Stocks and Financial Services Press Releases Tuesday November 6, 2018 16:57
Bangkok--6 Nov--SET

The Stock Exchange of Thailand (SET) will list North East Rubber pcl – a rubber product manufacturer and distributor – on November 7, under the ticker symbol "NER". The company has a market capitalization at its initial public offering (IPO) of THB 3.97 billion (approx. USD 120.4 million).

SET Senior Executive Vice President Manpong Senanarong said that NER would list and start trading on SET in the Agro & Food industry group, Agribusiness sector. NER produces and distributes rubber products including ribbed smoked sheet, standard Thai rubber and mixtures rubber for distributing to domestic and international automobile manufacturers and intermediaries in China, Singapore, Hong Kong, and Malaysia. The proportion of domestic to international sales revenues are 60:40.

NER has a registered paid-up capital of THB 770 million, consisting of 940 million existing common shares and 600 million newly issued shares, with a par value of THB 0.5 each. It offered the entire newly issued shares to the general public via IPO during October 29-31, at THB 2.58 each, for a total of THB 3.97 billion. Asset Pro Management Co., Ltd. is its financial advisor while Capital Nomura Securities pcl is its lead underwriter.

NER Chief Executive Officer Chuwit Jungtanasomboon said the fund raised from the IPO would enhance vendors' confidence and strengthen the company's capital base to serve business expansion in the near future. It will also boost potential and competitive opportunities in accordance with industry growth, as well as boosting market share towards sustainability.

NER's three major shareholders after the IPO are Group of Mr. Chuwit Jungtanasomboon (61.04 percent), Mrs. Tussanee Yungmewittaya (0.98 percent) and Ms. Nalinee Jamwuttiprecha (0.39 percent). The IPO price was equivalent to price-to-earnings (P/E) ratio of 9.96 times calculated by using the company's net profit in the past 12 months (July 1, 2017 - June 30, 2018) amounting to THB 398.83 million, divided by 1.54 billion shares (fully diluted), representing earnings per share of THB 0.2590. NER's dividend policy is to pay no less than 40 percent of net profit from the company's financial statements after corporate income tax and legal reserves.

For more information, please see the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th ; and for general information, please visit www.nerubber.com, as well as www.set.or.th.


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