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Published on October 2, 2007

Advisers Syrus Securities assessed the offer on discounted cash flow and net adjusted book value, a filing with the stock exchange said.

"The independent directors have the same opinion as the financial adviser for the delisting and have provided this opinion to the shareholders to consider," the statement said.

Earlier, Hua Thai directors approved the voluntary delisting.

Major shareholder Prime Time, which already owns 98.95 per cent of the company, will make a tender offer to buy out the remaining shares from retail investors at Bt197 a share.

The company explained a lack of stock-trading liquidity after Prime Time completed a tender offer in 2005 and expenses in being a listed company as the reasons for its decision to delist.

Apparel manufacturer and exporter Hua Thai will hold an extraordinary meeting of shareholders on October 15 to approve the move.

Sales fell from Bt4.69 billion in 2005 to Bt4.09 billion in 2006. Its 2007 first-half sales slumped 12.08 per cent year on year, or Bt202 million.

 Siriporn Chanjindamanee

 The Nation