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Thai Bank Eyes September Share Offer.
Byline: Darana Chudasri
Jul. 8--Krung Thai Bank expects to hold a public offering of shares now held by the central bank's Financial Institutions Development Fund by September, according to KTB president Viroj Nualkhair.
"September should be the last that market sentiment stays right," he said.
Krung Thai Bank, one of the largest stocks on the Stock Exchange of Thailand in terms of market capitalisation, has a free float of just 7 percent. Some 87 percent of the bank is held by the Financial Institutions Development Fund.
Mr Viroj said a public offering would cut the FIDF's shareholding to 50 percent to 51 percent through the float of some 3.6 billion shares. The Finance Ministry would maintain its 3 percent stake in the bank after any offering.
Prime Minister Thaksin Shinawatra yesterday met with bank executives to discuss the bank's operations and its plans to hold a new public offering, part of the government's broader plan to privatise state enterprises over the next few months.
"From what we've seen, shares of Krung Thai offer good returns for investors, with dividend yields higher than deposit rates," Mr Thaksin said.
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