STOCK MARKET
CEOs okay with listed status
- By: NUNTAWUN POLKUAMDEE
- Published: 24/12/2008 at 12:00 AM
- Newspaper section: Business
Three-quarters of chief executives of listed companies are satisfied with their companies' positions in the Stock Exchange of Thailand, according to a survey by the SET Research Institute.
The survey of 220 chief executives covered companies representing 61% of the total market capitalisation of the exchange.
Five companies indicated interest in delisting from the exchange, while three wanted to dual-list in other markets. Seven companies said they had subsidiaries that could list overseas, while 21 firms sought mergers with other companies.
Kobsak Pootrakul, the executive director of the SET Research Institute, said the survey showed companies typically sought to list on the exchange to improve their corporate image, raise funds and to establish trading liquidity for their shares.
Tax benefits given to listed companies ranked low among the factors valued by listed company executives.
For newly listed companies, average expenses for an initial public offering were 5.75% of the total capital raised from the exchange.
Average expenses for listed companies to maintain their status on the SET and comply with regulations were around six million baht per year, with a high of 51.87 million. Among MAI-listed companies, average expenses were 1.8 million baht per year.
From 2003 to 2007, a total of 96.64 billion baht was raised from the SET and 4.94 billion from the MAI.
Executives ranked excessive regulation, high compliance costs and onerous disclosure regulations as the top three obstacles for listed companies.
Meanwhile, 50% of listed companies surveyed expressed interest in listing their overseas subsidiaries in the Thai market or forging partnerships with foreign allies in markets such as Vietnam, China or India.
Only 9% of executives surveyed acknowledged that their company stocks were ''uninteresting'' for investors and traded with low liquidity.
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