Bangkok--Feb 22--SET
The Stock Exchange of Thailand (SET) and the Securities and Exchange Commission (SEC) are jointly holding a seminar for prospective companies wishing to list in 2005, as this year will be their last chance to receive corporate tax discounts. 200 companies have indicated they would be listing. There will be no problems for their share distribution and their getting tax privileges if they are well-prepared, have transparent information disclosure standards, and are highly qualified.
SET Executive Vice President Ms. Sopawadee Lertmanaschai said that the SET, in conjunction with the SEC, is holding a seminar on “How to Successfully Prepare for your IPO and Listing” for prospective companies wishing to list in 2005. The seminar is for their financial advisors and auditors as well. The seminar is taking place today (Feb.21) at the Sangvian Indaravijaya Auditorium of the SET Building, to help them successfully put together their initial public offering (IPO).
Companies that can be listed by December 31, 2005, will receive significant 5-10% tax reductions, depending on where they are listed. If they are listed on the SET, they will only have to pay a 25% corporate tax rate for five consecutive years, but if they are listed on the mai (Market for Alternative Investment), they will be subject to only a 20% corporate tax rate, again for five consecutive years. Normally the corporate tax rate stands at 30%.
Ms. Sopawadee went on to say that: “There are more than 200 companies that stated their intention to list in 2005. They primarily are in the large-scale industries which are well-known to investors, e.g., property development, construction materials, finance and securities. Realistically, we expect there will be about 100 companies ready for listing in 2005. If this can be achieved, it would be the highest number of new listings we’ve ever had since our establishment 30 years ago.
“Since the beginning of this year, there have been 7 new listings. Thirty-three companies are seeking their SEC approvals to put together their IPOs. Of these firms, 29 filed their applications in 2004 while the other four have filed theirs in 2005. Some companies have filed their applications and face obstacles hindering their listing schedule, and this seminar will be helpful for them. The seminar’s aim is to better prepared these firms so that they can achieve their planned 2005 IPOs, to enable them to take advantage of this last year of tax privileges,” she noted.
The seminar is also about guiding the listing candidates on how to be good public companies. Guest speakers from the SET and the SEC will focus on the companies’ internal structures and operating systems. There will also be a discussion forum on “How to Prepare Successfully”. The session will have Mr. Tan Passakornnatee, Chairman of Oishi Group Pcl., whose company listed in 2004, will represent the new potential listers, Dr. Udomsak Chakreyavanich, President of Asia Plus Securities Pcl., will represent the financial advisors, and Mr. Prawit Viwanthananut , from ANS Audit Co.,Ltd, will represent the auditors, plus a distinguished speaker from the SEC. The 4 participants in the forum will share their experiences and views to help candidates to successfully list on the SET or the mai in 2005.
For more information,
please contact the Corporate Communication Dept.:
Ladawan Kantawong Tel: 0-2229-2036 /
Kulvida Jintakawong Tel: 0-2229-2037 /
Nattaporn Boonprapa Tel: 0-2229-2049/
Watsamon Saowakhonsathien Tel: 0-2229-2797 End.