Thai Development Firm Plans IPO Early Next Year after Financial Restructuring.

Byline: Darana Chudasri

Dec. 2--Seacon Development Plc plans an initial public offering of its shares and a listing on the Stock Exchange of Thailand in the first quarter of next year, according to a company source.

Seacon Development is the owner of the Seacon Square shopping and entertainment complex. Half of the centre's 400,000 square metres is available for rent and the complex has an occupancy rate of 98 percent.

The number of shares to be offered will likely be at least 15 percent of total issued shares, which is the minimum free float requirement stipulated by the Stock Exchange of Thailand.

The company is in the process of financial restructuring and selecting financial advisers. The shares to be offered may include both new shares and the existing ones.

The company's registered capital currently amounts to 547 million baht, consisting of 5.74 million shares having a par value of 100 baht.

Its major shareholders are the Sosothikul family which holds a 69 percent stake, Bangkok Bank (10 percent), Thai Farmers Bank (10 percent) another financial institutions (7 percent). The source said that the value of the company was about 3.5 billion to four billion baht. In the past year, its net profit was 200 million baht and shareholders were paid a dividend.