mai News 65/2026 August 31, 2026 mai welcomes listing of water management solutions provider "FLE" on September 1 BANGKOK, August 31, 2026 - Frontline Engineering pcl (FLE), a distributor and integrated water management solutions provider, will start trading on mai in the Industrials group on September 1, 2026. The funds raised will support machinery investment, production expansion, debt repayment, and working capital. mai President Prapan Charoenprawatt announced that FLE will be listed and start trading on the Market for Alternative Investment (mai) in the Industrials industry group under the ticker symbol "FLE" on September 1, 2026. FLE sources, sells, and leases water pumps and related equipment from leading global manufacturers accredited to international standards, along with its own proprietary brands, "HYLIC" and "ANACONDA." The company also provides electrical and mechanical system installation and contracting services. Its main clients are government entities including the Royal Irrigation Department (RID), Department of Groundwater Resources (DGR), and Provincial Waterworks Authority (PWA), with a government-to-private sector revenue ratio of 86:14. In the first six months of 2026, revenue from sales, sourcing, distribution, and installation accounted for 45.76 percent, service revenue 53.53 percent, and water pump leasing (a new business) and other revenue 0.71 percent. House brand products contributed approximately 8 percent of revenue, a proportion that continues to grow. FLE Chief Executive Officer Panu Chokapirat stated that for over two decades, the company has built expertise in large-scale pumping systems, supported by in-house performance testing facilities and a team of engineers and executives with extensive experience in water management solutions, covering pipes, Bailey bridges, dredging vessels, and related equipment. FLE provides comprehensive one-stop services from consulting, designing, sourcing, installing, and testing through to maintenance, and after-sales support. The funds raised will be used to invest in machinery and equipment for the pump rental business, expand factory production capacity, repay debt, and as working capital. Securities offering data: - Paid-up capital after IPO: THB 150 million, par value THB 0.50 per share, comprising 200 million existing ordinary shares and 100 million newly issued ordinary shares - Shares offered: 100 million shares at THB 1.23 per share, during August 21, and 24-25, 2026 - Total IPO value: THB 123 million; market capitalization at IPO price: THB 369 million - P/E ratio: 25.99 times, based on trailing four-quarter net profit (July 1, 2025-June 30, 2026) of THB 14.20 million or THB 0.05 per share - Financial advisor: Fin Plus Advisory Co., Ltd. - Lead underwriter: Phillip Securities (Thailand) pcl Major Shareholders after IPO: - Panu Chokapirat 54.13 percent - Mananya Tengamnuay 6.53 percent FLE's dividend payment policy is to pay no less than 30 percent of net profit based on the separate financial statements, after corporate income tax and legally mandated reserves, and as specified by the company's articles of association. For more details, please refer to the company's prospectus via the Securities and Exchange Commission's (SEC) website at www.sec.or.th, and general information via www.front-line.co.th and www.set.or.th. ************************************************* ______________________________________________________________________

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