Thai Mui geared up for MAI

Thai Mui Corporation, a distributor of highquality wire rope and rigging gears, plans to list on the Market for Alternative Investment (MAI) this year.

The company has already filed an IPO request to the Securities and Exchange Commission and hopes its shares can be traded within this year.

“The funds generated from the IPO will be used for working capital and building a new warehouse. Listing on the MAI will help the company to expand its business, increase competitiveness, and provide more options when seeking low-cost funding,” said Tchakorn Leelaprachakul, chief executive officer of Thai Mui Corporation.

Thai Mui aims to increase its capital to 170 million baht or about 340 million shares, with a par value of 50 satang per share. Through the IPO the company will distribute about 97 million shares or 28.6% of total paid-up capital to list on the MAI. RHB Thailand has been appointed as the financial adviser.

The company is a distributor of wire rope and rigging gears, for which demand has continued to increase due to the high quality of products and customer satisfaction with the company’s maintenance services, said Mr Tchakorn.

Customers mainly comprise companies operating in industrial estates, petroleum exploration, construction, deep-sea construction, and power plants. The company also provides products and services to retail and wholesale trading clients as well as warehouses.

Thai Mui posted revenue of 101 million baht in the first quarter, increasing by 24.6% year-on-year from 80.9 million baht, with net profit registered at 9.9 million baht. In 2016, the company recorded revenue of 357 million baht with net profit of 18.9 million baht.

“We expect revenue and net profit in 2017 to be better than last year due to increasing demand derived from construction in huge infrastructure investment projects in both the public and private sectors,” said Mr Tchakorn.