The Stock Exchange of Thailand (SET) will list Samart Aviation Solutions pcl, the sole air navigation service provider in Cambodia, on September 26 under the ticker symbol "SAV". The company has a market capitalization at its initial public offering (IPO) of THB 12.16 billion (approx. USD 339.29 million).
SET Senior Executive Vice President Manpong Senanarong said that SAV will be listed and start trading on SET in the Services industry group, Transportation & Logistics sector.
SAV is a holding company under Samart Corporation pcl's umbrella which owns 100 percent stake in Cambodia Air Traffic Service Co., Ltd. (CATS) founded and registered in Cambodia. CATS is the sole air navigation service provider in Cambodia under its 49-year-long concession contract (effective from 2002 to 2051), covering all airports and flight routes in the Cambodian sky. The three international airports are Phnom Penh Airport, Sihanoukville International Airport and Siem Reap International Airport as well as three domestic airports - Stung Treng Airport, Battambang Airport and Koh Kong Airport. The flight routes comprise 18 international routes and 20 domestic ones. It provides end-to-end services consisting of 1) air traffic management, 2) aeronautical communications, 3) aeronautical information service and 4) flight procedure design service to ensure air traffic at all airports and flight routes in Cambodian airspace is flexible, safe and efficient in compliance with safety standards from the International Civil Aviation Organization (ICAO).
After the IPO, SAV has a paid-up capital of THB 320 million consisting of 640 million shares, with a par value of THB 0.50 each. It offered 166 million shares to the general public comprising 64 million newly issued shares and 102 existing common shares held by Samart Inter Holding Co., Ltd. It allotted the IPO shares to persons at underwriters' discretion, institutional investors, patrons and the existing shareholders of Samart Corporation during September 13 and 20, 2023, at THB 19.00 each for a total of THB 1.21 billion in fresh funding. Asia Plus Advisory Co., Ltd. is the financial adviser and Asia Plus Securities Co., Ltd. and Krungsri Securities pcl are co-lead underwriters.
SAV President Teerachai Phongpanangam said that the listing will strengthen the company's financial position and enhance potential to develop three more airports set to open in 2024 to meet Cambodian tourism promotion and economic development plans. This will also increase its investment opportunities in air navigation management business and expand into other related business in accordance with its vision and international standards for safety and service quality.
SAV's major shareholder after the IPO is Samart Corporation pcl which holds shares through Samart U-trans Co., Ltd. (60 percent) and Samart Inter Holding Co., Ltd. (14.06 percent).
SAV's dividend policy is to pay at least 50 percent of net profit from its separate financial statement after all reserves required by its articles of association and laws. However, the dividend payment is subject to the company's investment and business expansion plans as well as any future necessity and suitability.
For more information on SAV, 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.samartaviation.com and www.set.or.th.