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Published on December 20, 2007

A series of listed companies have announced the voluntary delisting of their shares, posing an increasing challenge to the SET as a lower number of listed companies will spontaneously reduce the appetite of foreign investors for Thai shares.

Six companies have voluntarily delisted and another three - Hua Thai Manufacturing, Advanced Agro and Pack Delta - are in the process of tender offers ahead of delisting.

Magnecomp Precision Technology yesterday said in a filing with the SET that TDK, its major shareholder, was in the process of making a tender offer for the remaining shares from retail investors.

 "After the current tender offer is completed, TDK expects to hold more than 85 per cent of the company's ordinary shares. Consequently, if TDK holds more than 85 per cent of the total paid-up shares, the company may not be qualified as a listed company, due to the SET's requirement that a listed company must have at least 150 minority shareholders, and the minority shareholders altogether must hold at least 15 per cent of the total paid-up shares," the company said. "TDK plans to use its internal working capital and external lending sources to support future operations."

The Nation