SET welcomes "SAV"

Editorial Staff

SET welcomes Cambodia-based air navigation service provider “SAV” on Sept 26
The Stock Exchange of Thailand (SET) will list Samart Aviation Solutions pcl, the sole air navigation service provider in Cambodia, on September 26 under the ticker symbol “SAV”.

The company has a market capitalization at its initial public offering (IPO) of 12.16 billion baht (approx. USD 339.29 million).

SET senior executive vice president Manpong Senanarong said that SAV will be listed and start trading on SET in the Services industry group, Transportation & Logistics sector.

SAV is a holding company under Samart Corporation pcl’s umbrella which owns 100 % stake in Cambodia Air Traffic Service Co., Ltd. (CATS) founded and registered in Cambodia. CATS is the sole air navigation service provider in Cambodia under its 49-year-long concession contract (effective from 2002 to 2051), covering all airports and flight routes in the Cambodian sky.

The three international airports are Phnom Penh Airport, Sihanoukville International Airport and Siem Reap International Airport as well as three domestic airports – Stung Treng Airport, Battambang Airport and Koh Kong Airport. The flight routes comprise 18 international routes and 20 domestic ones.

After the IPO, SAV has a paid-up capital of 320 million baht consisting of 640 million shares, with a par value of 0.50 baht each. It offered 166 million shares to the general public comprising 64 million newly issued shares and 102 existing common shares held by Samart Inter Holding Co., Ltd. It allotted the IPO shares to persons at underwriters’ discretion, institutional investors, patrons and the existing shareholders of Samart Corporation during September 13 and 20, 2023, at 19 baht each for a total of 1.21 billion baht in fresh funding. Asia Plus Advisory Co., Ltd. is the financial adviser and Asia Plus Securities Co., Ltd. and Krungsri Securities pcl are co-lead underwriters.

SAV president Teerachai Phongpanangam said that the listing will strengthen the company’s financial position and enhance potential to develop three more airports set to open in 2024 to meet Cambodian tourism promotion and economic development plans. This will also increase its investment opportunities in air navigation management business and expand into other related business in accordance with its vision and international standards for safety and service quality.