Bangkok--27 Sep--SET
The Stock Exchange of Thailand (SET)’s Board of Governors today resolved to issue a special listing requirement to enable eligible firms to list on the Exchange by end-2008.
These companies must demonstrate their intention to list by 2008, and have a financial advisor endorse their qualifications and that they have undertaken due diligence, SET Executive Vice President and Board Secretary Mr. Suthichai Chitvanich said.
“This initiative will encourage new listings, because preparing to list involves time-consuming processes, such as becoming a public company and restructuring. The royal decree, to be in effect from early October 2007, will enable firms filing their listing applications by end-2007 to be eligible for tax privileges. Given the tight deadline, the Board deems it appropriate to give their applications early consideration, even if the companies are not fully qualified by the application date,” Mr. Suthichai said.
SET’s listing requirements include having an appropriate board and management structure (e.g., at least three audit committee members, consistent management over the year), solid financial status and reliable operational performance.
The new rule gives a more realistic period for interested firms to list, thus promoting listings and meeting the objective of the tax privileges, Mr. Suthichai added.
However, to be eligible for tax privileges, companies must still file their application by end-2007, commence trading by end-2008 and be fully qualified to list.
SET will seek approval from the Securities and Exchange Commission before officially bringing the rule into effect.
For more information, please contact the Corporate Communications Dept.:
Ladawan Kantawong Tel: 0-2229-2036 / Sarinluck Jitkawong Tel: 0-2229-2037 /
Nattaporn Boonprapa Tel: 0-2229-2049 / Watsamon Saowakhonsathien Tel: 0-2229-2797