Bangkok--21 Aug--SET
The Stock Exchange of Thailand (SET) amended listing requirements for foreign issuers to reduce listing obstacles and enhance the Thai capital market competitiveness by providing more products for investors. In other actions, SET Board of Governors (BoG) approved investing in venture capital funds through SET investment process in lieu of the mai Matching Fund Co., Ltd. and designated Mr. Pakorn Malakul Na Ayudhya as SET’s nominee as TSFC Securities PCL Director.
In accordance with its strategy of building international alliances, SET has amended listing requirements, SET Executive Vice President and Board of Governors Secretary Suthichai Chitvanich said. “In the first phase, foreign issuers who are listed in another country will be allowed to list on SET, or, in other words, to do a dual listing. Issuing firms must be in a country whose securities and exchange commission has agreed with its Thai counterpart to exchange information and investigate alleged wrongdoers. As these foreign issuers have been approved by foreign exchange, this will create investor confidence in the products,” said Mr. Suthichai.
Application of the amendment will be flexible, so as to not unduly burden foreign issuers in listing on SET. Foreign issuers must comply with regulations of the issuer’s exchange of original listing. In addition, SET will consider in issues: 1) The issuer’s financial status and operating performance must be comparable to companies to list on SET; 2) Liquidity on SET ; 3) There must be contact person for Thai investors and 4) Disclosure requirements must be as same as those in its exchange of original listing.
SET will now ask for approval of the above revisions from the SEC.
SET’s investment in venture capital funds will strengthen small and medium-size enterprises’ (SMEs) competitiveness by extending SET investment expertise to include such funds. The mai Matching Fund Co. was closed due to various limitations in setting up mai Matching Fund. SET therefore adjusted its strategies to encourage support from the government, initiating activities to develop SMEs in a shorter time period and using fewer resources. “The board strongly believes that strengthening SMEs by cooperating between various parties will enable them to be strong, grow and list on mai,” said Mr. Suthichai.
SET will inform the SEC that the mai Matching Fund Co., Ltd. has been closed.
Finally, SET BoG resolved to nominate Mr. Pakorn Malakul Na Ayudhya as a Director of TSFC Securities PCL (TSFC) once again. BoG noted that his extensive experience was suitable for TSFC’s current situation, which needed continuity in policies and operations. Having his expertise will build confidence among stakeholders. His nomination will be submitted to TSFC shareholders for consideration.
For more information, please contact S-E-T Call Center 0 2229 2222
Press office, please contact Public Relations Unit, the Corporate Communications Dept.: Ladawan Kantawong Tel: 0-2229-2036 / Kanokwan Khemmalai Tel: 0-2229-2048 / Panitee Chatpolarak Tel: 0-2229-2792