Tuna maker AAI obtains approval from SEC for IPO of 637.5 million shares

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Asian Alliance International (AAI), a subsidiary of Asian Sea Corporation Plc (ASIAN), has received approval from the Securities & Exchange Commission (SEC) to be able to raise fund by undertaking initial public offering (IPO).

AAI, a company that is in the production of tuna, has obtained approval for undertaking an IPO of not more than 637.5 million shares and list the company from the SEC.

AAI, which is yet to make a call on when it will undertake the IPO, said that its planned offering would help it to raise its ability to raise its level in production of tuna for both human consumption and for pet food.

As per its website the company produces 17,500 tons/year of tuna, 41,000 tons/year of pet food and other products.

“After AAI have filed a registration statement to offer its shares for sale and initial public offering (IPO) to the SEC for the first time. The SEC has given an approval since 1st September 2022, and still in the process of preparation to submit IPO a registration statement to offer for sale of securities to the SET in agricultural industry and food industry in food and beverage business,” Taweechai Tangthanasap Head of Investment Banking Capital Market at TISCO as a Financial Adviser for AAI said.

AAI has a registered capital at 2.13 billion Bath. The company’s par value would be set at 1 Baht meaning it will have 2.13 billion shares. Its paid-up capital is at 1.7 billion Baht and it will offer no less than 637.5 million shares in the IPO.

The IPO includes newly issued common shares from the company no more than 425 million shares and old common stock from shareholder no more than 212.5 million shares in total not more than 30% of common shares that issued and paid after this IPO.

Akkarach Pansank Managing Director said that the company has a plan to continuously improve the business to elevate the organization to keep up with business opportunities. And ready to adjust to changing factors, in order to lead the organization to accomplish the vision, duty and future goals through the ways to enhance the organization as the follows:

  • Raise the level of the organization, restructure the organization and management structure to the universal standard, accelerating human resource development and restructure the pet food business to support business opportunities in the future.
  • Raise the level of AAI’s co-developer position to strategic partners, seeking the opportunity to develop a relationship with both up-stream and down-stream business group to supply chain management more efficiently and increase business opportunities and enhance competitive capacity in long term.
  • Raise the level of AAI own brands into global brands by developing pet food in various brands to cover the demand in every market segment and hold every products type.

The IPO would help the company’s ability in funds to invest to expand the pet food business and invest in machine to expand production capacity and improve the production line will help to enhance the efficiency and contain competitive capacity to continuously be in an excellent level.

While the company’s performance has continually improved from the growth of premium pet food business and the efficient cost management. The company sales increase to 4.99 billion Baht in 2021 from 2.91 billion Bath in 2016 and have a compound annual growth rate of 11% per year and have net profit increase to 639 million Baht in 2021 from 16 million Bath in 2016 or a compound annual growth rate at 108% per year.

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