SET welcomes insurance brokerage holding firm TQM on December 20

Stocks and Financial Services Press Releases Wednesday December 19, 2018 17:24
Bangkok--19 Dec--SET

The Stock Exchange of Thailand (SET) will list TQM pcl – a leading holding company investing in insurance brokerage businesses – on December 20, under the ticker symbol "TQM". The company has a market capitalization at its initial public offering (IPO) of THB 6.9 billion (approx. USD 209.1 million).

SET Senior Executive Vice President Manpong Senanarong said that TQM would list and start trading on SET in Financials industry group, Insurance sector.

TQM is a holding company by holding shares in insurance brokerage companies. Currently, the company has two subsidiaries that operate core business namely TQM Insurance Broker Co., Ltd. (TQM Broker), operating non-life insurance broker business, focusing on telemarketing car insurance services; and TQM Life Insurance Broker Co., Ltd. (TQM Life), operating life insurance broker business. Moreover, the company also has other supporting subsidiaries which provide IT and software services and online insurance consulting services through TQM's website. The company offers variety of products from business partners through 95 branches and service centers effectively catering to customer needs.

TQM has a registered paid-up capital of THB 300 million, consisting of 225 million existing common shares and 75 million newly issued shares, with a par value of THB 1.00 each.It offered 68.90 million newly issued shares to investors through underwriters, institutional investors, patrons of the company and subsidiaries; and 6.10 million shares to directors, management and/or employees of the company and/or its subsidiaries, during December 12-14, at THB 23.00 each, for a total of THB 1.73 billion. Bualuang Securities pcl and Thanachart Securities pcl are its financial advisors and lead underwriters.

TQM Chairman Unchalin Punnipa said the fund raised from the IPO would strengthen the company's capital base to serve business expansion in the near future. The fund raised would be used to enhance and develop information technology and online selling channels, as well as for investing in Enterprise Resource Planning (ERP) system to boost customer services in order to serve the company's growth towards Digital Insurance Broker positioning.

TQM's three major shareholders after the IPO are Group of Unchalin Punnipa Group (67.90 percent), Ratana Punnipa (2.50 percent) and Sorasak Thanburi and Sulalita Thanburi ( at 2.47 percent each). The IPO price was determined based on a book building process, equivalent to price-to-earnings (P/E) ratio of 20.9 times calculated by using the company's net profit in the past 12 months (Q4/2017-Q3/2018), divided by fully diluted shares, representing earnings per share of THB 1.10. TQM's dividend policy is to pay no less than 50 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.tqm.co.th, as well as www.set.or.th.


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