SET sweetens the deal for foreign listing candidates

SET sweetens the deal for foreign listing candidates

The Stock Exchange of Thailand (SET) has shortened the period in which foreign companies are required to retain financial advisers after listings as part of a bid to encourage more non-Thai entrants to the market.

The revision took effect on Feb 22 after feedback was received from a public hearing and approval from the Securities and Exchange Commission (SEC).

SET president Pakorn Peetathawatchai said the bourse adjusted the foreign listing rules to support them on the Thai stock market.

The period in which newly listed foreign companies need to retain financial advisers after they join the stock market is shortened to one year from three years.

The amendments are in line with the requirements for the listing of Thai companies and the SEC's regulations, said Mr Pakorn.

In addition, the silent period in which strategic shareholders are banned from selling their shares will be shortened to 18 months from three years.

Shareholders are eligible to sell 20% of their shares one year after listing, and the remainder after the lockup period ends.

"These rule adjustments are carried out in pursuit of the SET's three-year strategic plan [2022-2024] regarding connecting opportunities to all sectors," he said.

"We aim to be a fundraising source for local and foreign companies."

Listings of foreign companies in Thailand will not only make the Thai capital market more attractive, but also allow Thai investors to directly invest in foreign stocks via the Thai stock market and provide quick access to information, Mr Pakorn said.

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