"We expect to submit a filing for listing by March and list on the Singapore Exchange before September," CEO Prayudh Mahagitsiri told Reuters.

Proceeds from the share allocation will be used to repay its debts and expand its business. The country's sole copper producer now has debts of about Bt10 billion.

Earlier, Thai Copper had planned to list on the Thai stock market but did not meet the Stock Exchange of Thailand's revised listing criteria, requiring a track record of at least three years of profits.

If Thai Copper's application is accepted, it would be the third Thai company to be listed on the Singaporean exchange, after Total Access Communication and Thai Beverage. However, both firms have plans to seek listing on the Thai stock market, too.

Major shareholder Thai Asset Management (TAMC) said it had yet to be informed of any change in the company's original listing plan.

TAMC executive vice president Prasert Uekamolsukho was quoted by Reuters as saying, "We intend to have Thai Copper Industries list in our stock market because the company is Thai. However, any change is subject to the approval of shareholders."

TAMC now owns more than 25 per cent of Thai Copper following a debt-to-equity swap.

Thai Copper is required to clarify its reasons for not listing in the Thai stock market and benefits from listing abroad.

Meanwhile, the Central Bankruptcy Court yesterday again delayed its ruling - to January 31 - on the rehabilitation plan for Bangkok Mass Transit System (BTS), following opposition from seven secured creditors.

Creditors objecting to the plan included TAMC and Siam Commercial Bank.

BTS CEO Keeree Kanjanapas admitted the postponement would have an impact on route extension, because the company could not sign a contract if the plan was not approved.

He also said the company would delay its earlier plan of going public in the second or third quarter.

He explained that the listing deferral was not due to the delay in the court hearing, but because of the current unfavourable sentiment in the stock market.

A BTS foreign-creditor source said the Bt28-billion payment proposed by the debtor was too low.

"The debtor set the liquidity value at Bt34 billion in the first plan, which seemed to be too low, and now it has discounted it even more in the second proposal, to Bt19 billion. This creates unfair treatment, because creditors should get higher repayment than letting the company go bankrupt," he said.