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Byline: Sukanya Jitpleecheep
Dec. 5--President Bakery Plc is moving to list on the Stock Exchange of Thailand by the end of this month, hoping to raise 160 million baht through an initial public offering.
The company will use the money to pay down 220 million baht in debt incurred from its investment in new production facilities.
It will be the 18th wholly owned subsidiary of the Saha Group, one of the country's largest conglomerates controlled by Chokwatana family, to be listed on the Thai bourse.
According to managing director Apichart Thammanomai, President will offer 6.3 million new shares, with a par value of 10 baht, to the public at 25 baht each. The shares will represent 21 percent of the company's registered capital. Tisco Securities will be the underwriter.
Currently, the company has 300 million baht registered capital.
The company borrowed money from banks last year to install machinery to expand the capacity of a bun line at its Lat Krabang factory, starting next year.