Chaopraya Mahanakorn (CMC), a property developer, plans to raise funds in the MAI stock market.
Wichian Pattayanunt, the CEO of Chaopraya Mahanakorn Public Company Limited, said: “CMC strives to become a leading integrated property developer.
“We focus on developing unique and high-value projects under condominium brands such as Bangkok Horizon, Bangkok Fe’Litz, Chateau in Town as well as popular high-end housing brands such as Kasa Eureka, Kasa Diva and the Rich.
“With 24 years of success in property development, CMC now focuses on developing projects along various BTS and MRT lines. The company plans to list its shares in the MAI stock exchange in fourth quarter of this year.”
For the past three years, CMC said it has continuously achieved strong business results. The company said it has revenues of Bt1.52 billion in 2017, Bt2.09 billion in 2016 and Bt1.41 billion in 2015. The company reports a high gross profit of Bt634 million in 2017, Bt879 million in 2016 and Bt558 million in 2015 and records a net profit of Bt127 million in 2017, Bt156 million in 2016 and Bt47 million in 2015.
Wichian said the company has 25 condominium projects, with a combined value of Bt3.8 billion, ready for transfer and revenue realisation. In addition, there are three condominium projects under construction with a combined project value of Bt2.8 billion with two due to be completed this year while the other project will be completed early next year.
In addition, CMC has plan to build 10 new projects, worth Bt10 billion within three years.
At present, CMC has registered capital of Bt1 billion, with paid capital of Bt750 million.
The company plans to offer 250 million shares (at Bt1 par value), equalling 25 per cent of total shares to the public and investors in the fourth quarter this year.
CMC plans to use the initial public offering (IPO) proceeds to acquire new land plots and invest in new projects.
The IPO will also strengthen its financial structure which has a debt to equity ratio of two times. In addition, this will increase the working capital, enabling the company to enhance its business and create a good and equal return for all investors.