The Stock Exchange of Thailand (SET) will list Mena Transport pcl, a ready-mix concrete transportation operator, on July 7, under the ticker symbol "MENA". The company has a market capitalization at its initial public offering (IPO) of THB 880.80 million (approx. USD 27.7 million).
SET Senior Executive Vice President Manpong Senanarong said that MENA would list and start trading on SET in the Services industry group, Transportation & Logistics sector.
MENA provides transportation of ready-mix concrete and industrial goods such as cement, fly ash, calcium, barium, etc., and consumer products. In addition, MENA distributes construction materials, equipment and tools. The company has had experience in cargo transportation business for more than 25 years, fully equipped with trucks, trailers and mixer trucks catering to all key business zones nationwide including the Eastern Economic Corridor (EEC). The company is recognized by leading cement and concrete product manufacturers in Thailand.
MENA has a registered paid-up capital of THB 367 million, consisting of 550 million existing common shares and 184 newly issued shares, with a par value of THB 0.50 each. It offered newly issued shares to the general public via IPO during June 29 - 30 and July 1 at THB 1.20 each, for a total of THB 220.80 million. Asia Plus Advisory Co., Ltd. is its financial advisor and Asia Plus Securities Co., Ltd. is the lead underwriter.
MENA Chief Executive Officer Suwanna Kajonwuttidet said the company is determined to accelerate its growth and maintain its status as a leader in the country's transportation of ready-mix concrete or mixer trucks and trailers. The strength of more than 500 vehicles and over 500 delivery staff members brings MENA to the fore among the business operators. The fundraising through IPO will allow the company to expand its fleet of vehicles to support customers and projects covering all regions of the country. Consequently, this will help revive the economy, industrial sector, and the government's infrastructure projects such as the EEC project, the high-speed rail project to link three airports, the first phase of the Thai-Sino high-speed train project from Bangkok to Nakhon Ratchasima, and the double-track railway project on the Denchai-Chiang Rai-Chiang Khong route, among others. Most importantly, MENA is committed to standardized management, transparency and good corporate governance toward sustainable growth.
MENA's dividend policy is to pay no less than 40 percent of the net profit from the company's separate financial statement after corporate income tax and legal reserves. However, the company may consider a different dividend policy based on its operating performance, financial position, liquidity, financial requirements for business management and expansion, and economic conditions.
MENA's major shareholder after the IPO is Kajonwuttidet family (62.9 percent).
For more information on MENA, please see the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th. For general information, please visit www.menatransport.co.th, as well as www.set.or.th.