However, a new low free-float solution initiated by the stock exchange and listed companies should take effect late this month, which might change Shin's stock status.

"At the SET's board of governors meeting late this month, approval will be sought for the new low free-float share solution and, if the board agrees with it, it will take immediate effect and apply to Shin's shares as well," SET vice president Sakkarin Ruamrangsri said yesterday.

"However, Shin Corp's shares might be transferred to the call market if the new solution for low free-float stocks has yet to get the nod from the board."

Securities in the call market are allowed to trade for only 30 minutes before the market opens and 30 minutes after it closes.

Shin Corp ended up with a mere a 4-per cent free float, well below the 15 per cent required by the stock exchange, after two units of Temasek Holdings of Singapore bought 96 per cent of its shares.

Companies have three years to bring their free float up to the minimum. The stock exchange gives a warning to companies whose free float has yet to be addressed in the second year, and moves those companies to the call market in the third year.

However, companies are transferred immediately to the call market if they fail to ask for a one-year extension to comply with the rule.

When implemented, the new regulation will force stocks with insufficient free float to be suspended and posted in the non-performing group in the third year, while the call market will be done away with.

"The new solution won't delist stocks but we will suspend stock trading instead until they can solve the problem. Preliminarily, we will allow them to address the problem for three years and we'll also abolish the call market," Sakkarin said.