mai welcomes Honda car dealer ACG on June 27

Stocks and Financial Services Press Releases Thursday June 27, 2019 08:31
Bangkok--27 Jun--SET

Market for Alternative Investment (mai) will list Autocorp Holding pcl, a holding company that invests in Honda dealership and car service center businesses, on June 27, under the ticker symbol "ACG". The company has a market capitalization at its initial public offering (IPO) of THB 864 million (approx. USD 28 million).

mai President Prapan Charoenprawatt said that ACG would list and start trading on mai in the Industrials Group. ACG is a holding company with a portfolio of automotive distribution, service, and other related businesses. Currently, the company holds shares in the core company which is Honda Maliwan Co., Ltd, a Honda dealer and car service center. It also provides hire-purchase lease and auto insurance services, currently having nine branches in five provinces: Surin, Buriram, Khonkaen, Phuket and Krabi.

ACG has a registered paid-up capital of THB 300 million, consisting of 444 million existing common shares and 156 million newly issued shares, with a par value of THB 0.50 each. It offered 117 million newly issued shares to the general public; not exceeding 23.4 million shares to the company's and subsidiary's benefactors, not exceeding 6 million shares to the company's and subsidiary's related persons, and 9.6 million shares to the company's and subsidiary's employees, during June 19-21, 2019, at THB 1.44 each, for a total of THB 224.64 million.

The IPO price was set by a book building process, equivalent to price-to-earnings ratio (P/E ratio) of 18.70 times, calculated by using the company's net profit in the past 12 months (Q2/2018-Q1/2019) amounting to THB 46.37 million, divided by fully diluted shares, representing earnings per share of THB 0.077. Phillip Securities (Thailand) pcl is its financial advisor and lead underwriter.

ACG Chief Executive Officer Phanumast Rungkakulnuwat said with 27 years of experience as Honda dealer and service provider, ACG's services are provided by skillful staff and we can timely deliver to clients by Honda quality standard. In addition, the company's competitive advantage of having many branches can manage product supply chain to greatly satisfy customers' needs. This listing would strengthen its capital base. The fund raised would be used for branch expansion, and as working capital.

ACG's major shareholder after IPO is Rungkakulnuwat family (74 percent). ACG's dividend policy is to pay no less than 40 percent of net profit after corporate income tax and legal reserves from the company's separate financial statement.

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.ach.co.th and www.set.or.th.
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