Professional Waste Technology to Commence Trading in the Services Group on July 23
The SET welcomes Professional Waste Technology (1999) as a new listing in the Services Group, with its THB 600 million in paid-up capital. The company plans to use the fundraising proceeds to expand its office and utility systems.
The Chairwoman of the Capital Market Opportunity Center (CMOC) and Market for Alternative Investment (MAI), Ms. Sopawadee Lertmanaschai, said that the SET Board of Governors has approved the listing of Professional Waste Technology (1999) Pcl. in the Professional Services Sector of the Services Group. The company has THB600 million worth of paid-up capital, comprised of an existing 450 million shares plus an additional 150 million shares from capital increase, with a par value of one baht per share. Its securities will commence trading on the bourse starting from July 23 onwards using "PRO" as its trading symbol. The company has Ploenchit Advisory Co., Ltd. as its financial advisor.
Professional Waste Technology (1999) Pcl. has raised funds by selling a total of 150 million shares in its initial public offering on July 14 15, 2004. PRO sold 145 million IPO shares to the public at 2 baht per share, and an additional five million shares to its employees at 1 baht per share. PRO will use the proceeds from its fundraising to build its offices and invest in a utility system at its site. It will also utilize the new funds to invest in a transportation system, construct landfills, repay its debt and use the remainder as working capital.
PRO is engaged in the businesses of hazardous and non-hazardous waste disposal, and in wastewater (both chemical and biological) treatment. The company started its wastewater treatment operation in June 2004. PRO receives industrial wastes from clients' factories for treatment. The waste is analyzed, classified, stabilized, and disposed in the landfill at its industrial disposal center in Sa-Kaew Province.
In 2003, PRO earned THB107 million in sales revenues, an increase of THB93 million over the previous year (it had THB14 million worth of sales revenue in 2002). It also generated THB16 million in profits in 2003. PRO sustained a loss of THB14 million in 2002 as its waste disposal project being in its infancy. PRO's dividend payment policy is to pay out about 60 percent of its net profits after taxes.
The company expects to complete the construction of its two landfills in 1 to 2 years. The project requires a THB60 million investment. Moreover, it also plans to purchase 5 special hydraulic trucks and 10 regular trucks worth a total of THB45 million. PRO also intends to install a GPS (Global Positioning System) to diagnose its logistic routes as well as invest an additional THB50 million in a utility system at the site, which will include roads, fences, and staff housing.
For more details on Professional Waste Technology (1999) Pcl, please see the company's website at www.prowaste.co.th, the SET's website at www.set.or.th, and SETTRADE Dot Com's website at www.settrade.com
For more information, please contact the Media Relations Unit, Corporate Communication Dept.:
Ladawan Kantawong Tel: 0-2229-2036 / Kulvida Jintakawong Tel: 0-2229-2037/ Nattaporn Boonprapa Tel: 0-2229-2049 End.