Equal stake sought
US-based TPG Newbridge has requested a stake in BankThai equal to that held by the Finance Institutions Development Fund (FIDF), the bank's president and major shareholder, Phirasilp Subhapholsiri, said yesterday.
Currently, the FIDF holds 731.45 million shares in the bank equal to 48.98 per cent of its stock. The bank plans to increase its capital by 940 million shares at a par value of Bt10 each, which will raise its registered capital from Bt52 billion to Bt61.4 billion. Phirasilp said the bank would offer TPG Newbridge and its co-investors 731.45 million shares, equal to the FIDF's holdings. This would give the foreign investor group a 24.99-per-cent stake in the bank, well below the 49-per-cent foreign ownership limit. The acquisition deal is expected to completed in January or February pending the bank's 2006 earning results, which will be used to set the share price. However, Phirasilp said the price offered would not be lower than the bank's book value. BankThai's share price currently stands at Bt8.60.
Somruedi Banchongduang
The Nation
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