SET expects foreign listing rules completed in 2010

Vichat Tantiwanich, vice president and chief marketing officer of the exchange, said the rules were being drafted and would be submitted for the central bank's approval, as the raised funds would be used to finance overseas projects. "We have had discussions with three companies in Laos for cross-border listing - a commercial bank and two power plants. There have been no decisions yet on whether they will seek a listing here," he said.

In order to boost the Thai market's regional presence, the Securities and Exchange Commission's board earlier agreed to allow cross-border listings. This will accommodate Thai companies' overseas investment and also help companies in countries that have no stock markets of their own, such as Laos.

Vichate said that next year, the combined market capitalisation of companies newly listed on the main board and the second-tier Market for Alternative Investment would likely increase from Bt30 billion-Bt40 billion this year, excluding property funds. Ten companies with a combined market capitalisation of more than Bt10 billion have delayed their listing plans to next year.

"The exchange targets boosting the overall market capitalisation, rather than focusing on the number of new companies. This is in line with foreign funds' requirement to invest in large companies. In Singapore, the number of listed companies is less [than here] but the market size is bigger," he said.

Still, the market remains open to small companies, he added, given the relatively low number of large Thai firms. The plans will be submitted for the SET board's consideration on November 17.