The International Engineering Public Company Limited ("IEC") has resolved to increase the share capital by private placement (followed the board meeting No. 11/2557 on October 21, 2557) amounted 40,000 million shares at 0.036 baht by selling to a private placement of three people, however, from the sale of such shares due to partially exercise. Therefore, the Board of Directors of the Company No. 15/2558 on November 5, 2558 resolved to cancel the allocation of the new ordinary shares to be allocated to the Private Placement (PP) and all the rest are not allocation 24,028,655,000 shares at par value of 0.01 baht par (one satang), bringing the number of issued shares. 24,028,655,000 shares outstanding of such allotment and offering to existing shareholders (Right Offering or RO) in the ratio of 8 existing shares to 1 new ordinary share. (Any fraction will be disregarded) at the offering price of common shares newly issued 0.024 baht / share, representing a total of 22,599,491,250 shares at par value of Baht 0.01 per share (one satang) total of 542.38 million baht.
The purposes of increasing capital capital which IEC will be reinvested in the plastic plant at Hatyai, Songkhla province at 67 million baht and Bio-gas power plants located both at Suphan Buri and Kanchanaburi provinces at 400 million baht and the rest will be used as a working capital of 75.38 million baht.
At the moment, IEC has projects pending for the commercial operation of the project polymers at Rayong province, which is expected to be fully operation in Q4 2558. It is a flagship project which will increase revenue and profits of the Company. For this project, it is projected the internal rate of return (IRR) at 18% per year and production capacity of 100 tons per day.
According to many project operated in 2558, IEC expects to make a profit of the year 2558 and to expect to pay dividends to the shareholders.
05/11/2015
Source: IEC investor relations