TV Direct plans to list on the MAI
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TV Direct has appointed Finansia Syrus Securities as the financial adviser for its plan to list on the Market for Alternative Investment.
CEO Songpol Shanmartkit said yesterday that the multichannel marketing arena is expected to see higher competition following the entry of firms from Korea, Taiwan and Japan.
TV Direct used to be the sole player in the market here and is still the leader.
The newcomers are good for the market, as it would become much more active, he said.
There is ample room for the market to grow and the company is ready for the competition, thanks to its ability to access customers via all channels. It has a presence on free TV, satellite TV channel, cable TV, direct mail and the Internet.
The company also boasts a strong capital base.
TV Direct applied last November to the Securities and Exchange Commission to launch an initial public offering (IPO) of 28.96 million shares at par value of Bt1 per share.
Of the total shares, 23.17 million will be set aside for the IPO and no more than 5.79 million will be offered to directors and/or employees of the company and its subsidiaries.
The IPO proceeds will be used to invest on an IT system and expand its retail business as well as for working capital.
The MAI listing would strengthen the company’s competitiveness, he added.
During the first nine months of last year, TV Direct earned Bt32.01 million on consolidated sales and service revenue of Bt1.39 billion. Revenue was up 33.64 per cent over the same period a year earlier.
