FRIDAY, March 29, 2024
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Property developer Arinsiri Land goes public

Property developer Arinsiri Land goes public

The Market for Alternative Investment (mai) is to list a property firm in eastern Thailand, Arinsiri Land Ple, today (July 10), under the ticker symbol “ARIN”.

 

 

 


The company has a market capitalization at its initial public offering (IPO) of Bt1.1 billion (approximately $34.84 million).
mai president Prapan Charoenprawatt said that ARIN would list and start trading in the Property & Construction Industry Group.
ARIN engages in property development for sale, including detached houses, semi-detached houses, townhomes, and commercial buildings in Chonburi province in the eastern part of Thailand and nearby provinces to serve local residential customers under the “Arinsiri” brand.
The company has gained customers' trust with a proven record of various projects in construction quality and after-sales service for more than a decade, worth a combined Bt4.05 billion.
Currently, the company is managing the development and sale of three projects worth a total of Bt2.19 billion. It also has four upcoming projects for which it has acquired land worth Bt1.39 billion.
ARIN has a registered paid-up capital of Bt300 million, consisting of 450 million existing common shares and 150 million newly issued shares, with a par value of Bt0.50 each.
From July 1-3, 2019, it offered 150 million newly issued shares to the general public via IPO at Bt1.80 each, for a total of Bt270 million. The IPO price was equivalent to a price-to-earnings (P/E) ratio of 60.04, calculated by using the company's net profit in the past 12 months (April 1, 2018 - March 31, 2019), divided by 600 million fully diluted shares, representing earnings per share of Bt17.99. Country Group Securities is its financial adviser and its lead underwriter.
ARIN chief executive Wimonjit Arintamapong said that the company’s policy is to focus on location selection, property market trends, target customers, customer needs, and appropriate prices. “Currently, our projects are located in major provinces in eastern Thailand with high economic growth and potential driven by Eastern Economic Corridor (EEC) development. ARIN projects are unique in terms of design simplicity, construction quality, decent after-sales service and reasonable price. The funds raised would be used for project development, and/or land investment, bond repayment and as working capital,” he said.
ARIN’s major shareholder after the IPO is Wimonjit Arintamapong Group with 75 per cent. ARIN’s dividend policy is to pay no less than 40 per cent of net profit from the company’s financial statement after corporate income tax and legal reserves.

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