Marine firm floats 650 million shares

Chanwit Anakkul, chief executive officer, said that after the Securities and Exchange Commission completes the regulatory processes, the company expects to initiate a filing process and to list on the Stock Exchange of Thailand within the year.
Company is charging ahead to expand its fleet in response to customers’ demand in Asia-Pacific as the world economy revives. 
Prima Marine’s executives are bullish on the growth potential of the company to provide an integrated service to transport and store crude oil, petroleum products, semi-finished oil products and liquid petrochemicals that will meet the need of customers in an efficient manner.
Veena Lertnimitr, executive vice president for primary distribution at Siam Commercial Bank Plc and a financial adviser, said Prima Marine has registered capital of Bt2.5 billion with 2.50 billion common shares at par value of Bt1 per share. 
Issued and paid-up shares stand at Bt2 billion and an initial public offering will be made for no more than 650 million shares or 26 per cent of all common shares issued and paid-up. 
This is divided into no more than 500 million shares offered by Prima Marine, 105 million shares held by Austin Asset and 45 million shares held by Nathalin Co. 
These constitute 20 per cent, 4.2 per cent and 1.8 per cent of all issued and paid-up shares. 
The IPO proceeds will be used to buy new vessels, support the floating storage unit and offshore vessel businesses, supplement working capital and pay back loans.