Bangkok--Mar 25--Weber Shandwick (Thailand)
CS LOXINFO Public Company Limited, Thailand's leading Internet Service Providers and producer of the Yellow Pages, has announced that 125 million shares will be offered during its Initial Public offering (IPO) at 9 Baht per share. The Company's financial advisor and lead underwriter for the IPO is DBS Vickers Securities (Thailand) Co. Ltd. The subscription period is March 29-30, subject to the Securities and Exchange Commission (SEC)'s approval.
Dr. Tachpong Hotrabhavananda, Managing Director of CS LOXINFO Plc., said "CS LOXINFO is now ready to list its shares on the Stock Exchange of Thailand (SET). Over the past four months, we have introduced the Company to leading Thai and foreign financial institutions through a number of road shows. We are pleased to have received an overwhelming response to the Initial Public Offering. The IPO price at 9 Baht per share was determined from a book building process with institutional investors, who are people with knowledge and expertise in the capital market. The trading of CS LOXINFO shares is expected to start on April 8, 2004."
"CS LOXINFO has set a dividend policy of no less than 40% of its after-tax net profit. This is contingent upon the Company's financial position, cash flow, and general economic trends," Dr.Tachpong concluded.
Mr. Surat Taesritrasert, Associate Director DBS Vickers Securities (Thailand) Co. Ltd., financial advisor and lead-underwriter to CS LOXINFO, said "Local and foreign investors have shown strong interest in investing in CS LOXINFO. The subscription for the issue exceeded the share availability by more than 16 times as a result. The synergies between the Company's Internet business and its Yellow Pages operation, especially the integration of off-line and on-line content and services, are also expected to bring benefits in the future. Through the book build range is 8-11 Baht, we consider the offer price at 9 Baht to be fair in the current market. Both the Company and its advisors believe that this share offering will be well received by all investors."
The 125 million shares offered through the IPO equal approximately 20% of the total paid-up registered capital. After the IPO, the Shin Broadband Internet (Thailand) Company Limited, the Company's largest shareholder, will hold 40.62% of the total shares, reduced from 50.02% prior to the issue.
Interested parties may obtain a prospectus and subscription forms at DBS Vickers Securities (Thailand) Co. Ltd., or from the five underwriters, after SEC approval. Share subscription will take place during March 29-30. After the IPO, CS LOXINFO will seek to list its shares on the Stock Exchange of Thailand, and anticipates trading to commence on April 8, 2004, under the ticker symbol CSL.
The two lead-underwriters, four co-lead underwriters, and managers of CS LOXINFO's IPO are:
- Lead-underwriters: DBS Vickers Securities (Thailand) Co., Ltd. and National Securities Co., Ltd.
- Co-lead underwriters: SCB Securities Co., Ltd., Bualuang Securities Co., Ltd., Asset Plus Securities Plc., and Intel Vision Securities Plc.
Note to editor:
CS LOXINFO PUBLIC COMPANY LIMITED, previously known as CS Communications Company Limited, was established in 1994 as a joint venture between the Communications Authority of Thailand, and Shin Satellite Public Company Limited. It is a provider of satellite communication solutions, including satellite uplink/downlink facilities, and Internet-based services under the name "CS Internet". In March 2003, the Company merged with Loxley Information Service Co., Ltd. (LoxInfo), and changed its name to CS LOXINFO. In early March 2004, CS LOXINFO acquired 63.25% shares of Teleinfo Media Company Limited, producer of Thailand's Yellow Pages.
For more information, please contact
Ms. Tippawan Wortong/ Ms. Jensiree Esaparn, Weber Shandwick (Thailand)
Tel: 02 257-0300 ext. 334, 333
E-mail:
[email protected] /
[email protected] End.
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