Despite pending court ruling, MAI on track for debut record
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The Market for Alternative Investment (MAI) says it is waiting for a court ruling on a lawsuit against Thai Solar Energy before making a decision on the company's planned debut on the exchange.
Thai Solar Energy has been sued by shareholders and a ruling is expected today.
“We are waiting for the court ruling and are ready to abide by it,” MAI president Prapan Charoenprawatt said.
If the court dismisses the case, Thai Solar Energy is expected to proceed with its plan to list, and its shares could begin trading on the MAI before the end of the year. However, if the ruling is not in favour of the company, trading will be postponed.
Prapan said this year could see a record for debuts on the MAI, with about 18-19 newly listed companies, compared with 15 last year. So far in 2014, 13 companies have listed with total market capitalisation of Bt30 billion.
Although the stock market has moved with volatility in the short term, Prapan expects no impact on newly listed companies’ initial share-trading plans.
Prasert Patradhilok, president of Advisory Plus Co and a financial adviser for Fire Victor, a distributor of valves and fire-protection equipment, said the company has submitted a filing to the Securities and Exchange Commission for an initial public offering shares. The new shares will account for 25.71 per cent of the company’s paid-up common shares after the planned capital increase.
At present, Fire Victor’s registered capital totals Bt175 million with paid-up capital of Bt130 million or 260 million shares at a par value of Bt0.50 per share.
The company expects to list on the MAI this quarter after receiving approval from the Securities and Exchange Commission.
The proceeds from the planned capital increase will finance the company’s investment in provincial branch offices.
