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He said his company was also considering acting as a leader for investors planning to sue BFIT after receiving information that small investors were preparing to file a lawsuits against that company for alleged damages.

"If small investors were to file with us, we could lead them in suing BFIT," Charoen said.

He said BFIT's action was criticised as inappropriate after it sold initial-public-offering shares of Thai Polycons on the first day of trading, thereby harming investors and affecting the confidence of companies planning to list.

The company may terminate BFIT as its financial adviser, in order to prevent confusion among investors.

Charoen said Thai Polycons would also ask the Securities and Exchange Commission to investigate BFIT for its sell-off of Thai Polycons shares if the Stock Exchange of Thailand could not take action against BFIT.

Thai Polycons was listed on the Market for Alternative Investment

on March 4 but experienced a sharp drop in share price, because its

underwriter, BFIT Securities, had sold 24.15 million shares on that day.

Charoen said Thai Polycons remained confident of achieving revenue of Bt2.1 billion this year, up from Bt1.74 billion last year. A Bt2.18-billion backlog from 19 projects is a positive factor. The company will realise 70 per cent of this backlog as revenue this year and the rest next year.

He added that the company would try to increase its contracts with government agencies from 37 per cent last to 71 per cent this year after experiencing a slowdown in jobs from private companies.

Meanwhile, Thai Polycons was one of only three companies to launch an initial public offering (IPO) in the first two months of the year. Due to unfavourable market conditions, the Stock Exchange of Thailand may reduce its IPO target. President Patareeya Benjapholchai yesterday said the SET hoped to maintain the number of IPOs at last year's level of 11.

"But the final target will be considered after the first quarter," she said.

The SET will also monitor the average daily trading volume this year after it fell sharply in the first two months from last year's daily average of Bt13 billion, due to investor concerns about the conditions of the local and global economies. Average daily trading volume dropped to Bt10 billion in January and Bt8 billion last month.