IEC to boost capital
Mobile-phone distributor International Engineering Plc (IEC) said yesterday that it would sell 150 million capital-increase shares to four investors: RPK International Co Ltd, Bhassakorn Buddhichewin, Wannaporn Phornprapha and Opas Rangchaikul.
IEC chief executive Sunjutha Witchawut told the Stock Exchange of Thailand her company would sell the Bt1-par-value shares at Bt3.17 apiece and gain Bt475.5 million from the allotment. RPK International would acquire 35 million shares for Bt110.95 million, Bhassakorn 50 million shares for Bt158.5 million, Wannaporn 35 million shares for Bt110.95 million and Opas 30 million shares for Bt95.1 million. All payments will be made on Friday.The allotment to be sold to the four is part of an earlier issue of 784.55 million capital-increase shares approved by IEC shareholders and offered to specific investors. The company now has 634.55 million shares left. IEC told the stock exchange that RPK International was a retailer and wholesaler of home appliances, while Bhassakorn was involved in energy and was a major shareholder of BNB Inter Group Co Ltd. The company said Bhassakorn's advice and strategic support would benefit the company in implementing energy projects. The company said Wannaporn was managing director of P Landscape Co Ltd, a large conglomerate, while Opas, vice chairman of Ekarat Engineering Plc, is also involved in energy. IEC said the four investors were not connected to the company and after their investment would remain shareholders with no participation in company management or connection to its executives. They will not be in a position of control. Funds from the share offering would be used to facilitate expansion of energy operations, provide payment of expenses for the company's new headquarters, repay debts incurred from convertible debentures and serve as working capital, IEC said. Once the four purchase the 150 million capital-increase shares, the total number of company shares will be 1.73 billion and the percentage of ownership among existing shareholders diluted to 91.32 per cent.
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