SET welcomes outsourcing and rental services provider “SO” on October 14

Stocks and Financial Services Press Releases Monday October 12, 2020 17:19
Bangkok--12 Oct--SET Corporate Communications

The Stock Exchange of Thailand (SET) will list Siam Rajathanee pcl, an outsourcing and rental service operator, on October 14 under the ticker symbol “SO”. The company has a market capitalization at its initial public offering (IPO) of THB 2.02 billion (approx. USD 641.3 million).

SET Senior Executive Vice President Manpong Senanarong said that SO would list and start trading on SET in the Services industry group, Professional Services sector.

SO provides employee outsourcing, and car and property rental services. Over 80 percent of the company’s total revenue comes from its outsourcing service business to provide car drivers, office and technical staff; record management and landscape maintenance services. The company provided a total of 8,494 outsourced staff as of June 30, 2020. The fund raised will be used to expand outsourcing and car rental businesses, increase administrative efficiency, as well as developing automation-based technology to better facilitate customers.

SO has a registered paid-up capital of THB 310 million, consisting of 225 million existing common shares and 85 million newly issued shares, with a par value of THB 1 each. It earmarked 76.5 million newly issued shares to persons under the underwriters' discretion, institutional investors and the company's patrons; and 8.5 million shares to the company's directors, executives and employees via IPO at THB 6.50 each, for a total capital raising of THB 552.50 million, during October 3-7, 2020. RHB Securities (Thailand) pcl is its financial advisor and lead underwriter.

SO Chief Executive Officer Jiranu Kulchanarat said that listing on SET will help enhance confidence among clients, partners, shareholders, and stakeholders, as well as strengthening our brand identity, upgrading service standards and transparency, increasing technological potential, expanding business network, while creating new trade and investment opportunities. Moreover, the information technology system will also be used to increase service quality and improve working process efficiency to achieve the goal of becoming the country’s top outsourcing service provider.

SO’s dividend policy is to pay no less than 50 percent of net profit after corporate income tax from the company’s separated financial statements and legal reserves. However, the company’s dividend payout may be different from this policy subject to the company’s performance, financial liquidity, necessity of using working capital on operations management, and future plan for business expansion, including economic situation.

After the IPO, SO’s major shareholder is Vimolchalao family (72.75 percent).

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.siamrajathanee.com and www.set.or.th .


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