Bangkok--Sep 20--DTAC
DTAC seeking SET Listing: To be the first Thai Company with Dual Listing to Offer an Opportunity for Thai Investors to be shareholders of DTAC
Total Access Communication Public Company Limited (“DTAC”) announced today that it plans to seek a listing of its shares on the Stock Exchange of Thailand (the “SET”). DTAC also intends to maintain its listing in the Stock Exchange Securities Trading Company (the “SGX-ST”); therefore, DTAC potentially will be the first Thai company to have a dual primary listing on the two exchanges.
To settle dispute on the access charge rebate, TOT Public Company Limited (the “TOT”) agreed to return 16.4 million shares held in DTAC to be cancelled. To avoid the foreign shareholding ratio exceeding 49% from the cancellation of these shares, DTAC proposes to issue new 16.4 million shares pursuant to a public offer to Thai investors in Thailand and seeks a listing of these shares on the SET. DTAC has an intention to complete the listing by 30 December 2005, which is subject to shareholders’ approval and regulatory consents and approvals.
The listing on the SET will offer an opportunity to Thai investors to become shareholders of DTAC, one of the leading wireless telecommunications operators in Thailand. The listing on the SET not only would raise DTAC’ s corporate image and profile, but DTAC may also enjoy a tax benefit as companies listed on the SET for a period of five consecutive years, subjected to the approval of relevant regulatory consents and approvals. In addition, this would provide an additional channel for access to capital markets both in Singapore and Thailand as well as enhance interests of investment communities and financial institutions in DTAC, which would enable the company to have more financial flexibility for any future plans.
DTAC intends to utilize the entire net proceeds from the public offer to either repay its debts, fund future capital investment or certain expenditures that may be required due to potential regulatory changes in Thai market.
In this regard, DTAC has appointed SCB Securities Co., Ltd as the financial advisor for the Public Offer and the proposed listing on the SET. End.