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Published on December 4, 2007

"Coincidentally, the first day for trading Asiasoft shares - December 14 - is also the day that the Supreme Administrative Court is expected to rule on the legality of PTT's privatisation and offering, which could affect the public's perception of the stock market," said Surat Taesriprasert, vice president of investment banking of DBS Vickers Securities (Thailand), Asiasoft's financial adviser.

"We are confident that investors will give a warm response to Asiasoft's IPO in the first quarter of 2008 once everything has settled down."

On December 14, the Supreme Administrative Court will deliver a landmark verdict on the legality of PTT's recent privatisation.

PTT is now the largest company in terms of market capitalisation on the Stock Exchange of Thailand.

The delay might lead to a change in Asiasoft's IPO price, which was earlier set in a range of Bt11-Bt13 per share, a source close to the deal said.

Southeast Asia's leading online-game service provider Asiasoft will earmark 75 million shares to the public to raise funds for financing its business expansion into Vietnam and Malaysia, and as working capital.

Meanwhile, Synnex (Thailand) chief executive officer Supant Mongkolsuthree said the PC component and peripherals distributor would submit a listing application with stock regulators this month.

Its first day of trade will be in the second quarter next year.

The company will issue 180 million shares at Bt1 par value to the public. It expects to raise Bt600 million to Bt700 million from the share allocation. The proceeds will be used to expand its business and service some of its Bt1 billion short-term debts.

Following the IPO, TKS Technologies and Synnex Technology International's shareholding in Synnex (Thailand) will be diluted from 99 per cent to 74 per cent.

Capital Nomura Securities will be Synnex's financial adviser and lead underwriter for the upcoming IPO.

He said the company had targeted sales revenue of Bt10.5 billion this year, up from Bt9.4 billion last year.

Its sales revenue and net profit in the first nine months of this year amounted to Bt7 billion to Bt8 billion and Bt110 million, respectively.  

"Our sales revenue by the end of this year will break Bt10 billion and our gross margin will stand at 5-6 per cent," he said.

Siriporn Chanjindamanee

 The Nation