The Stock Exchange of Thailand (SET) will list Millennium Group Corporation (Asia) pcl, a fully integrated automotive business group, on April 26 under the ticker symbol "MGC". The company has a market capitalization at its initial public offering (IPO) of THB 8.90 billion (approx. USD 259.02 million).
SET Senior Executive Vice President Manpong Senanarong said that MGC will be listed and start trading on the SET in the Industrials group, Automotive sector.
MGC is a holding company which engages in a fully integrated automotive business comprising 1) an automotive retail business under a variety of leading brands which are BMW, MINI, Honda, Rolls-Royce for cars, BMW Motorrad Harley-Davidson for motorcycles, Azimut for yachts, and Chris Craft for river boats. The company group is Thailand's number one BMW and MINI car dealer and the second largest Honda car dealer, 2) an after-sales service provider for each vehicle brand, and an independent car repair and maintenance service provider under brand Master Motor Services (MMS), and 3) a car and driver rental service provider under the brand Master Car Rental and Master Driver & Services as well as supplying customers for VistaJet, a private jet rental service company. Besides, MGC operates related supporting companies including information technology management, financial service for automobiles, insurance broker, and car cleaning and detailing services.
MGC has a paid-up capital of THB 560 million after the IPO consisting of 840 million existing common shares and 280 million newly issued shares for IPO, with a par value of THB 0.50 each. It offered newly issued shares to the general public during April 18 - 20, 2023 at THB 7.95 each. The IPO price is equivalent to the price-to-earnings ratio (P/E ratio) of 14.72 times. Finansa Securities Limited is the financial adviser and lead underwriter while Bualuang Securities pcl is the co-lead underwriter.
MGC Chief Executive Officer Sunhavut Thamchuanviriya said that the company is very pleased to be listed on SET and believed that the listing will strengthen the company's capital base, enhance the business opportunities and potential for continuous and sustainable growth. MGC aims to meet transport-related lifestyle with a full-range of services, and create the business ecosystem that covers all dimensions. Fund raised will be used to invest in the independent car repair and maintenance center business and lending business for luxury cars and marine vessels, partially repay loans to financial institutions, and as working capital for the long-term growth of the company group.
MGC's dividend policy is to pay at least 40 percent of net profit from its separate financial statements after corporate income tax and reserves required by law and the company's regulations. The dividend payout is also subject to performance, financial position, liquidity, investment needs, business expansion, reserves for loan repayment or working capital and other factors related to the company's management.
MGC's major shareholder after the IPO is the Thamchuanviriya group (75 percent).
For more information on MGC, please see the company's prospectus at the Securities and Exchange Commission's website at www.sec.or.th; and for general information, please visit www.mgc-asia.com and www.set.or.th.