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Ocean Commerce starts trading on MAI

Ocean Commerce, an importer, assembler and manufacturer of faucets, water-supply products and sanitary ware, began trading yesterday on the Market for Alternative Investment. The company has listed under the ticker symbol OCEAN, with a market capitalisation of Bt396 million.

Chanitr Charnchainarong, executive vice president of the Stock Exchange of Thailand, said OCEAN was the 15th new listing on the MAI this year. The company operates under the brands DUSS, Saza, 3P, Bay, Bay-Tex, Feed, Union and Icon.

OCEAN has paid-up registered capital of Bt110 million, with a par value of Bt0.25 each, consisting of 340 million existing common shares and 100 million newly issued shares.

The new share issues were made available to the general public through an initial public offering from December 16-18, at Bt0.90 per share, for a total of Bt90 million. Asset Pro Management Co is the company's financial adviser and Capital Nomura Securities is its underwriter.

Uchai Vilailerstpoca, managing director of Ocean Commerce, said the company was committed to developing its production effectiveness and quality to offer safe, good-quality products at reasonable prices, under its slogan "DUSS for better life". Fund-raising proceeds will be used to improve efficiency of the existing production line, to expand its factory in Sing Buri province, and for working capital.

OCEAN's three major shareholders after the IPO are Uchai Vilailerstpoca (76.00 per cent), the Ngamarunchot Group (1.27 per cent) and Ploypaphat Sittirujjiroj (0.50 per cent).

The IPO had a price-to-earnings ratio of 24.23 times, calculated using earnings over the last four quarters (from October 1, 2012, to September 30, 2013), divided by the number of fully diluted shares, equivalent to earnings per share of Bt0.04. The company's dividend policy is to pay no less than 40 per cent of net profits after corporate taxes and reserves.


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