Panjawatana plans IPO in Q1
Panjawatana Plastic Plc is selling112 million shares in the initial public offering, prepared to list on the Market for Alternative Investment in the first quarter.
Proceeds will be partially used to finance the construction of a new plant and machinery procurement, to take advantage of growing demand for plastic components and parts in the automotive industry. The rest would retire some debts and increase the working capital.
Advisory Plus is the financial advisor.
The company's products are widely used in the lubricant, yoghurt milk, consumer products and chemical industries. Its clients included PTT, ExxonMobil, Petronas, CP-Meiji, Mitsubishi, Honda, Nissan, General Motors, Yamaha and Kawasaki.
Satit Hemmondharop, managing director, said that the company has forged close relationship with clients through punctuality and ability to quickly cope with higher orders.
Plastic containers now account for 25 per cent of overall containers used in the Kingdom, but value accounts for 30-40 per cent.
In the first nine months of 2011, the company earned Bt112 million in net profit, on top of Bt1.2 billion revenue.
