BLA delays IPO plan

 Chan Vathanakul, president of the company, said in a statement that the IPO would resume immediately after the situation improves. He also noted that the delay would not cause financial problems to the company which is raising funds to strengthen its financial status, not because of emergency needs of cash.

 "We need to admit that the bankruptcy of a major investment bank like Lehman Brothers as well as the intervention into American International Assurance affect the global economy and stock exchanges, including the Thai market. Turnovers here have been fluctuating and till now, nobody can estimate when the crisis would be over. Thus, we decided to delay the IPO and this should be better for the company," said the executive.

 On September 16, Chan just announced that the IPO would go as planned in October despite the continuing political turmoil. Chan also announced that the company has set an indicative price range of Bt12.50-Bt14 per share for its 200 million IPO shares which would raise Bt2.5 billion to Bt2.8 billion.

 The company's IPO to sell 200 million shares was originally slated for earlier this year, but was delayed due to the political conflict.

 Bualuang Securities, the underwriter, asserted that the delay would not affect Bangkok Life Assurance's business expansion.