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Baht/$ 33.50/55
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GOLD |
14,450
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BANKING
BankThai directors yesterday approved a capital increase to 50.06 billion baht from 25.03 billion now through the issue of 6.67 billion new common shares in a rights offering.The shares will have a par value of 3.75 baht each, raising 25.03 billion baht in capital for the bank. Existing shareholders will be offered one new share for every one share, with the offering price to be set between the par value of 3.75 baht and a floor price of 0.66 baht, which represents the bank's book value per share as of the end of June 30.
Unsubscribed shares from the offering will be allocated to shareholders subscribing to shares beyond their rights. The offer and issue will be made only after the sale of shares held by the Financial Institutions Development fund to CIMB Bank Berhad and the completion of a tender offer by CIMB.
CIMB in June announced it would pay 5.9 billion baht to purchase the FIDF's 42.13% shareholding in BankThai from the FIDF. CIMB will also tender for all remaining shares at the acquisition price of 2.1 baht.
The deal is currently awaiting approval from the Finance Ministry for a waiver of foreign ownership limits.
BankThai announced yesterday that if the FIDF cannot complete the sale, the new share issue will be made to existing shareholders.
An extraordinary shareholders meeting to approve the rights issue will be held on Sept 3.
Shares of BankThai closed yesterday on the Stock Exchange of Thailand at 1.59 baht, down three satang, in trade worth 4.11 million baht.
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