mai welcomes property developer BC on Nov 14

Stocks and Financial Services Press Releases Wednesday November 13, 2019 16:47
Bangkok--13 Nov--SET

Market for Alternative Investment (mai) will list Boutique Corporation pcl (BC), a real estate developer focusing on the build-operate-sell (BOS) business model, on November 14, under the ticker symbol "BC", with a market capitalization at its initial public offering (IPO) of THB 1.45 billion (approx. USD 47 million).

mai President Prapan Charoenprawatt said that BC would list and start trading on mai in Property & Construction industry group.

BC is engaged in property development for the BOS model, focusing on hotels, service apartments, commercial properties, including department stores and office buildings for rent, with strategic locations such as Sukhumvit area in Bangkok and main tourist destinations including Pattaya, Phuket, and Chiang Mai. BC has already sold six BOS projects with a combined value of THB 3.53 billion, indicating customer continued confidence in the company, while having nine projects in operation and eight more projects under development. In addition, BC also provides real estate project management services.

BC has a registered paid-up capital of THB 507 million, consisting of 340 million existing common shares and 167 million newly issued shares, with a par value of THB 1 each. All newly issued shares were allotted to general public via IPO, at THB 2.86 each, for a total of THB 477.6 million, during November 5 - 7. The IPO price was equivalent to price-to-book value ratio (P/BV ratio) of 2.47 times, calculated by using shareholders equity attributable to owners of the parent company amounted to THB 585.6 million as of June 30, 2019, divided by fully diluted shares, representing earnings per share of THB 1.16. Asia Plus Advisory Co., Ltd. is its financial advisor and Asia Plus Securities pcl is its lead underwriter.

BC Chief Executive Officer Prabsharan Singh Thakral stated that BC has opened up investment opportunity in property projects through new business solution to investors for greater returns by utilizing profit from selling existing projects to invest in new potential projects in the future. Given good locations and property management team with extensive experience, BC believes that its performance will be in line with the business plan. The fund raised will be used for new project development, debt repayment and as working capital.

Post-IPO shareholder structure, Prabsharan Singh Thakral's family owns 67.1 percent. The company's dividend policy is to pay no less than 25 percent of net profit after tax and legal reserves.

For more information on BC, 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.boutiquecorporation.com and www.set.or.th


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