SET - The Stock Exchange of Thailand

09/29/2021 | Press release | Distributed by Public on 09/28/2021 23:56

SET News :SET welcomes cassava-processing manufacturer 'UBE' on Sep 30

SET News 72/2021 September 29, 2021 SET welcomes cassava-processing manufacturer "UBE" on Sep 30 BANGKOK, September 29, 2021 - The Stock Exchange of Thailand (SET) will list Ubon Bio Ethanol pcl, the largest cassava-processing manufacturer located in lower part of northeastern Thailand, on September 30, under the ticker symbol "UBE". The company has a market capitalization at its initial public offering (IPO) of THB 9.39 billion (approx. USD 280.3 million). SET Senior Executive Vice President Manpong Senanarong said that UBE would list and start trading on SET in the Resources industry group, Energy & Utilities sector. UBE is Thailand's leading manufacturer and distributor of fully integrated cassava products, consisting of 1) ethanol business: producing and distributing a fuel-grade and industrial-grade ethanol with a production capacity of 400,000 liters per day; 2) producing and distributing cassava starch business: food-grade and industrial-grade cassava starch both conventional and organic types under the brand "Ubonsunflower" and cassava flour product under the brand "Tasuko". UBE is one of the world's few organic cassava starch manufacturers and exporters certified according to the international organic standards; and 3) organic farming: growing organic crops such as rice, coffee, among others. UBE sets sight on becoming a leader of organic agriculture alongside the energy business for sustainable and steady growth. UBE has a registered paid-up capital of THB 3.91 billion. It allocated 1.37 billion common shares via IPO, consisting of 1.17 billion newly issued shares and 195.71 million existing common shares offered by Thaioil Ethanol Co., Ltd. and BBGI pcl, with a par value of THB 1.00 each. It offered the newly issued shares to persons at the underwriter's discretion and institutional investors, during September 21-23 at THB 2.40 each, for a total of THB 2.82 billion. Asia Plus Advisory Co., Ltd. is the financial advisor, and Asia Plus Securities Co., Ltd. is the lead underwriter. UBE Managing Director Daechapon Lersuwanaroj said that listing on SET is a significant step forward which will enable UBE to achieve its vision to create comprehensive value-added agricultural products, promote organic agriculture, and support eco-friendly practices towards sustainable development. The proceeds from the IPO will be used to expand and develop process efficiency of ethanol production, increase production capacity of cassava flour, and enhance value of processed products from organic farming. UBE's three major shareholders after the IPO are Khowsurat Family (25.77 percent), Thaioil Ethanol Co., Ltd. (12.39 percent), and BBGI pcl (12.39 percent). UBE's dividend policy is to pay no less than 30 percent of net profit based on its separate financial statement after corporate income tax and legal reserves. The dividend payout is subject to change, depending on economic conditions, the firm's cash flow and investment plan as deemed appropriate. For more information on UBE, 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.ubonbioethanol.com, and www.set.or.th. "SET...Make it Work for Everyone" Follow us on Twitter @SET_Thailand_EN ______________________________________________________________________