Bangkok--2 May--DTAC
DTAC reported that at its Extraordinary General Meeting on 30 April 2007, the shareholders of both DTAC and UCOM had already approved its IPO and restructuring plan. The company aimed to submit its IPO filing and application to the SEC and SET shortly and expect to list by the end of this quarter.
The shareholders approval was another major step towards realizing the company’s plan to list on the SET following the board approval on 19 March 2007. The plan is one transaction with two steps. First, following a proposed 1:5 par split, DTAC will launch an offering that will consist of 222 million shares. Second, once DTAC is listed on the SET, the Company will launch an offer for all of the shares of parent UCOM in exchange for newly issued DTAC shares. Once completed UCOM would be a de-listed subsidiary of DTAC.
After the listing, DTAC would qualify for a 5% reduction in corporate income tax rate next year for the three consecutive years. DTAC also plans to maintain the listing of its shares on the Singapore Stock Exchange, making it the first company to have a dual listing in Thailand.
The successful listing of DTAC would positively contribute to the market capitalization of the SET. Based on DTAC’s current share price on the SGX, DTAC will be the largest company to be listed on the SET since 2003. DTAC’s listing would contribute approximately Baht 80 billion to the SET, making DTAC one of 20 largest companies traded on the Thai stock exchange.
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