Despite the political turmoil, the Stock Exchange of Thailand (SET) recorded Bt13 billion in fund mobilisation by new listed companies in the first quarter of this year.

The SET announced there would be at least six new companies listed in the second quarter, which are expected to boost its market capitalisation by more than Bt100 billion.

Sopawadee Lertmanaschai, executive vice president of the SET, said in the first quarter of this year there were two new construction companies listed, G Steel Plc and City Steel Plc, with a total fund mobilisation value of Bt2.6 billion.

"As of March 31 there were 22 new companies applying to list on the SET. Despite the current political situation, we expect six new firms to list: Bangkok Metro, Jasmine Telecom System, Thai Optical Group, SEC Autosales and Services, Rayong Refinery and TPT Petrochemical," she said.

The SET hopes this year to see total fund mobilisation by new listed firms of Bt55 billion, of which the SET has already seen Bt13.26 billion, or 24 per cent of the target, generated in the first quarter. Of the total raised in the first quarter, Bt184 million was raised on the Market for Alternative Investment.

In detail, medium-sized companies have raised considerably more funds than in the same period last year. The companies ranked between 51 and 100 in the SET100 have raised funds by Bt5.79 billion in the first quarter of this year, an increase of 83 per cent on the Bt3.16 billion achieved in the first quarter of 2005.

The companies in the SET50 had a smaller total fund mobilisation in the first quarter at Bt1.12 billion, 82-per-cent down on the Bt6.1 billion in the equivalent period in 2005.

"Of the total new fund mobilised in the first quarter, at least 64 per cent was raised via the exercising of warrants as well as the employee stock-ownership plan. Another portion was derived from private-placement offerings. This reflects that although the market has been sluggish due to political factors, companies still have alternative fund mobilising channels through particular groups," Sopawadee said.