Two foreign funds buy stakes in Mc Group

Economy January 14, 2014 00:00

By The Nation

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Clothing manufacturer Mc Group, which pegs its growth at 20 per cent this year, sold a 13.3-per-cent stake to two foreign funds last Friday.

“The acquisition of our shares by Mindo Asia and NT Asian is a good sign, which reflects investor confidence in the steady growth of Mc Group, since both of our new major shareholders are investment funds that are reputable long-term investors in leading companies in Asia that offer superior long-term growth potential and competitive advantage,” chief executive officer Sunee Seripanu said yesterday.

Mindo Asia Investment purchased 8.75 per cent and NT Asian Discovery Fund 4.38 per cent.

Mc Group did not disclose the price, but its stock closed at Bt12.80 on Friday.

Executive chairwoman Pratana Mongkolkul said the company’s roadshow had attracted a lot of attention overseas because the maker of Mc jeans reported nine-month earnings of Bt523.02 million on revenue of Bt1.99 billion.

The sale to the two foreign funds has increased the ratio of international shareholders since its initial public offering, which was for investors in this country only. However, Mc Group’s administrative structure will not be changed, she said.