Thailand: Sahathai Terminal to spin off 120m shares in IPO, to list on MAI

Image from Sahathai Terminal website

Sahathai Terminal, a local operator of barge terminal and coastal shipping service, is to mobilise funds through a sale of 120 million shares in an initial public offering (IPO).

It has submitted the filing to the Office of Securities and Exchange Commission on Monday to launch an IPO. The company plans to get listed on the Market for Alternative Investment (MAI).

Sahathai Terminal is a subsidiary of Sahathai Steel Pipe, one of Thailand’s largest steel pipe exporters.

Its services include international and domestic coastal terminal service, container shipment through barges and trucks, warehouses and other value-added services such as an on-site customs house to serve clients for customs clearance.

The filing said that it plans to expand its container depot and yard to increase its capacity and to operate more efficiently. Currently, it spans 168,000 square meters and consist of a container maintenance and repair facility, on-site customs clearance and the full complement of marine terminal equipment and personnel.

In 2015, Sahathai Terminal expanded its business by partnering with Mitsui O.S.K. Lines (MOL), Japan’s largest ocean liner, and jointly established Bangkok Barge Terminal (BBT) for container transportation via barges. The service aims to serve the growing demand for container demand between Bangkok and Laem Chabang Port, one of the two main deep-sea ports in Thailand.

The company has the registered capital of 230 million baht, divided into 460 million shares with a par value of 0.50 baht apiece.

It reported total revenue of 1.08 billion baht in 2016, up from 840 million baht in 2015. The net profit surged three times from 2015 to 73.62 million baht last year.

Maybank Kim-Eng Securities (Thailand) is a financial advisor and lead underwriter, the filing said.

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Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.