PUEAN has appointed four securities firms: DAOL, GBS, PI, and MPS to issue its first bond series of 2023. The bonds are registered to specific holders, non-subordinated, secured, with a bondholder representative, and the issuer has the right to redeem the bonds before maturity. The bonds will mature in 2028, with a term of 3 years and 6 months, and a fixed interest rate of 7.50% per annum, with interest payments every 3 months throughout the bond's life. The total offering value will not exceed 180 million baht, aimed at institutional investors and/or high-net-worth individuals to fund working capital for business operations, focusing on the development of Pico Finance Plus services and the repayment of PUEAN255A bonds. Subscription dates are set for April 8-10, 2023, with bond issuance on April 11, 2023. APM, the financial advisor, reinforces confidence in the business's strong growth potential.


Mr. Wuttisilp Jarasbawornpan, CEO of PUEAN Capital Co., Ltd., stated that the company is focused on developing provincial-level microloan services, or Pico Finance Plus, and non-life insurance brokerage business. The strategy emphasizes reaching customers who need services both online through the "PUEAN" website and app, as well as offline through a comprehensive branch network. The company is preparing to open a new subsidiary, PUEAN Quick Cash (Samut Sakhon) Co., Ltd., and expand one additional branch in the Bangkae area.
This will increase the number of "PUEAN Quick Cash" service branches to 25, covering 16 provinces nationwide, with a goal to grow the loan portfolio to 1 billion baht by 2025.
"With over 20 years of experience and expertise in managing risks from personal loans, the company continues to highlight its strength as a provincial microloan provider that is close to the community, especially for general customers without income verification documents, allowing them to access legal funding sources using land or land title deeds as collateral. At the same time, it enables borrowers to manage their business liquidity with good financial discipline through debt repayment on stable assets for living," Mr. Wuttisilp said.
Currently, the company is enhancing operational capabilities to drive growth, managing a non-performing loan (NPL) rate of 3.61%, which is lower than the average for housing loans in the commercial banking system, reported by the Bank of Thailand as of December 31, 2023, at 3.88%.
Additionally, the company has continuously increased the number of loan receivables, currently totaling 685.65 million baht (as of December 31, 2023), with the proportion of customers using land title deeds as collateral rising to 99.61% compared to the previous year.
Dr. Somphop Sakpanpanom, Chairman of Asset Pro Management Co., Ltd. (APM), as the financial advisor, discussed the offering of secured bonds by PUEAN Capital Co., Ltd. The bonds are registered to specific holders, non-subordinated, secured, with a bondholder representative, and the issuer has the right to redeem the bonds before maturity. The bonds will mature in 2028, with a term of 3 years and 6 months, and a fixed interest rate of 7.50% per annum, with interest payments every 3 months throughout the bond's life. The total offering value will not exceed 180 million baht, with business collateral registered against the issuer's receivables, not limited to specific debtors, and/or land owned by the directors, with a value of no less than 1.15 times the total value of the bonds issued and offered for sale.
Mr. Suriyatham Thamthira, Deputy Managing Director of APM, as the financial advisor, explained the purpose of this bond issuance is to raise 140 million baht for working capital for Pico Finance Plus services. The company is currently expanding its service branches according to plan, which is expected to meet the increasing demand for loans from the public. Additionally, the raised funds will be used to repay PUEAN255A bonds amounting to 40 million baht.
Mr. Thitiphat Thaveesin, Deputy Managing Director of Corporate Finance Solutions & REIT at DAO Securities (Thailand) Public Company Limited, stated that this bond offering is aimed at institutional and high-net-worth investors, with four bond distribution managers: DAO Securities (Thailand) Public Company Limited, Globlex Securities Co., Ltd., Pie Securities Public Company Limited, and Mercantile Partners Securities Public Company Limited.
The bond offering subscription period is set for April 8-10, 2023, with bond issuance on April 11, 2023. Bangkok Bank Public Company Limited will serve as the bond registrar, and DAO Securities (Thailand) Public Company Limited will act as the bondholder representative, with MSC International Law Office Co., Ltd. as the legal advisor.