Shin seeks free-float delay
Shin Corp has already asked for permission from the Stock Exchange of Thailand (SET) to postpone for one year its finalisation of the plan to free-float its shares, the company's financial officials told shareholders during the yesterday's annual general shareholders' meeting.
Shin is entitled to ask for permission from the SET to put off the free-float plan for one year from next month's deadline. SET rules stipulate that listed firms must keep their proportion of free-float shares at a minimum of 15 per cent, in order to remain listed.Cedar Holdings and Aspen Holdings own 54.51 per cent and 41.75 per cent of Shin, respectively, while the remaining shares are free-floated. Cedar and Aspen, which are both part of the Singaporean government's state investment arm, Temasek Holdings, jointly acquired almost 50 per cent of Shin from its founders, members of ousted prime minister Thaksin Shinawatra's family, in January 2006. Their shares increased to the present levels after the tender offer. Shin shares closed at Bt25.25 yesterday, up from Bt25 on Tuesday. Telecom reporters, The Nation
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