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Thai shipping company (VL) enters Market for Alternative Investment (mai)

The Thai shipping company has a market capitalization at its initial public offering (IPO) of THB 1.40 billion (approx. USD 44 million).

Boris Sullivan

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Established on the date of 27th September 1991 with current authorized capital of 400 million baht and complete paid up by 300 million baht.

VL’s Fleet consist of 12 tanker vessels with average age of 16 years and total deadweight of 35,081 tons.

Enterprise pcl, a marine transportation service provider for petroleum and chemical products, on May 21, under the ticker symbol “VL”.

The company has a market capitalization at its initial public offering (IPO) of THB 1.40 billion (approx. USD 44 million).

Mai President Prapan Charoenprawatt said that VL would list and start trading on mai in Services Industry Group.

Transportation services for petroleum and chemical products

VL operates marine transportation services for petroleum and chemical products both in Thailand and abroad consisting of crude oil, dirty oil, clean oil, lubricant oil, and palm oil.

Its major customers are large oil traders and oil refinery companies such as Esso (Thailand) pcl, Bangchak Corporation pcl, Chevron (Thailand) Ltd., etc.

Currently, the company provides services with 12 vessels with average fleet age of 16 years, a total of 35,081 deadweight tonnage, and total capability 36,036 cubic meters.

VL has a registered paid-up capital of THB 400 million, consisting of 600 million existing common shares and 200 million newly issued shares, with a par value of THB 0.50 each.

It offered 80 million existing common shares and 200 million newly issued shares to general public via IPO under discretion of underwriters, to benefactors, directors, management and/ or employees of the company, during May 7-9, 2019 at THB 1.75 each, for a total of THB 350 million.

Proposed IPO price shows PER of 21.88

The IPO price was equivalent to price-to-earnings (P/E) ratio of 21.88 times, calculated by using the company’s net profit in the past four quarters (January 1-December 31, 2018), divided by fully diluted shares, representing earnings per share of THB 0.08.

Globlex Securities Co., Ltd. is its financial advisor and lead underwriter.

VL’s three major shareholders after IPO are Chutipa Klinsuwan (65.14 percent), Pisit Jarusira (1.26 percent), Phanida Jeeradeephalang and Issara Varamit (at 0.75 percent each). VL’s dividend policy is to pay no less than 40 percent of net profit from the company’s financial statement after corporate income tax and legal reserves.

VL Chief Executive Officer Chutipa Klinsuwan said that we adhere to the International Safety Management Code (ISM Code) which are the world-class safety management – part of the international treaty for the safety of life at sea, under the International Maritime Organization.

Moreover, the company’s fleet are all double-hull vessels to prevent oil leak accidents. The fund raised would be used for fleet expansion, extending shipping routes, ship maintenance and repair, loan repayment and as working capital.

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