BANGKOK: Malaysia's CIMB Group Holdings (1023), owner of CIMB Thai Bank, could launch a public offering worth US$136 million (US$1 = RM3.44) in the Thai market in June, the president of its Thai unit said.
"It should be in June that the parent firm's shares will be listed on the Thai market. We have to wait until the first-quarter earnings come out and seek approval from the SEC," CIMB Thai president Subhak Siwaraksa told reporters who travelled to Kuala Lumpur at the weekend.
CIMB, Malaysia's second-biggest bank, which owns 94 per cent of CIMB Thai Bank, would become the first foreign company to have a dual listing in Bangkok.
The plan is subject to approval by CIMB shareholders and authorities in the two countries, including the SEC, the Thai market regulator.
Thailand is trying to encourage high-profile foreign firms to list in Bangkok to make the market more attractive to foreign investors.
With a market value of US$12.8 billion, CIMB would be among the top three companies on the Stock Exchange of Thailand and the largest financial group. Thailand's top lender, Bangkok Bank, is valued at US$6.4 billion.
The Malaysian bank has said it planned to sell up to 35 million shares to raise about 4.5 billion baht (100 baht = RM11.23) in the initial public offering in Thailand.
CIMB Group declined 20 sen to RM12.22 on Bursa Malysia yesterday. Shares in the Thai unit of CIMB rose 2.5 per cent to 2.42, outperforming a 0.5 per cent fall in the Thai market. - Reuters
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