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Bangkok Post, Thailand, Business Briefs Column.
Aug. 5--MINISTRY MAY SELL TMB SHARES CHEAPLY: The Finance Ministry will likely sell off its recapitalisation rights in Thai Military Bank to a new investor at a discount, according to Sommai Phasee, the ministry's deputy permanent secretary.
He said no conclusion on a share sale had been made, but said a discount on the price was likely given the size of the lot.
TMB will issue 6.405 billion new shares in a rights issue in September to raise up to 22.4 billion baht. Eight new shares will be offered for every five held at a price of 3.50 baht each, with the share register to participate in the issue closed on Thursday.
The Finance Ministry currently holds a 49 percent stake in TMB, mostly preferred shares. It has ruled out increasing its shareholding beyond 49 percent, to maintain TMB's status as a private commercial bank.
A discount of 10 percent to 20 percent on the rights price would result in a price of just 2.80 to 3.15 baht.
"If we are looking for a strategic partner, we need to sell the shares at a discount, given the large size of lot," Mr Sommai said. "As far as the losses go, it will have to be averaged out by all the existing shareholders, both large and small alike."
TMB shares closed yesterday at 4.1 baht, down 18 satang, in trade worth 384.9 million baht.
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