Myanmar company plans Thai listing
A tourism-related firm in Myanmar with expected market capitalisation of 10 billion baht is poised to raise funds from a primary listing on the Thai stock market in 2016.
Twin Pine Consulting is the financial adviser, managing director Adisorn Singhsacha said yesterday.
The company is considering fund-raising options for the Myanmar company.
The Securities and Exchange Commission (SEC) recently said it would relax rules and regulations for foreign companies listing on the Stock Exchange of Thailand (SET).
The amended rules are expected to take effect next February.
The SEC intends to amend rules concerning raising funds from primary markets and dual listing.
Mr Adisorn said more businesses in Greater Mekong Subregion (GMS) countries were keen to raise funds via the Thai capital market in the near future.
His company has also won a mandate to be financial adviser for foreign firms to issue baht-denominated bonds worth 12 billion baht next year. Half is set to be raised by Laotian companies and the other half from others in Southeast Asia, particularly Vietnam and Indonesia.
Twin Pine also acted as financial adviser for a 6.5-billion-baht bond issued by EDL-Generation Plc (EDL-Gen), a Laotian state-majority-owned power plant.
Proceeds from the bond have been used to fund its plan to acquire nine hydropower plants from parent Elecricite du Laos.
EDL-Gen's bond received a strong response from investors and was almost two times oversubscribed, boding well for the Thai capital market's aim to become a fund-raising centre in the GMS.
Finance Minister Sommai Phasee said the government planned for Thailand to become a leading regional fixed-income facilitator and investment and fund-raising centre.
The success of EDL-Gen's bond issue would be a good model to attract other governments and private companies in GMS countries to raise funds in Thailand while supporting inclusive growth in the region, he said.
EDL-Gen chief executive Boun-Oum Syvanpheng said the funds would increase the company's efficiency to accommodate increasing demand for energy and support power exports to neighbouring countries including Thailand.
The company may also raise funds via the SET's various investments soon.
SEC secretary-general Vorapol Socatiyanurak said a baht-denominated bond issue by a foreign firm underlined the success of the SEC's strategy to promote the Thai capital market as the central capital market connection in the region.
The SEC plans to help foreign operators raise funds and list their securities on the Thai capital market while enabling mutual funds and trusts to invest in GMS countries.