"From December onwards, listing criteria for the Main Market and the Market for Alternative Investment (MAI) will be separated by the size of paid-up capital. Companies that wish to be listed in the Main Market must have a minimum paid-up capital of 200 million baht. Paid-up capital for companies to be listed on the MAI must be below 200 million baht."
"The SET will issue special listing requirements for large-scale firms which more than 200 million baht worth of paid-up capital that do not comply with the previous SET regulations will now be able to raise funds through the SET for the duration of the tax incentives over the next three years, until 5th September 2004," Mr. Kittiratt said.
Companies listed on the SET by 5th September 2004 will be entitled to get a corporate tax reduction from 30% to 25% for five consecutive years. If they are listed on the MAI, their tax reduction rate will be from 30% to 20% also for five consecutive years.
The SET President went on to say; "In addition, the SET will allow those privatized SOEs already with public company status to list primarily on the SET. Whenever these SOEs comply with all the listing requirements, have approval from the SEC to distribute shares to the public, and have completed their IPOs, the SET will allow them to commence trading. However, it is necessary that they comply with listing regulations before offering their shares to the public, but the SET will not require them to have financial advisors. This will help ease the listing process for them."
The SET has, moreover, adjusted the retail proportion of the shareholder distribution to 20% of paid-up capital, amended the definition of retail shareholders to include those shareholders who either do not have the power of control, or who do not exercise administrative power through strategic shareholdings. This amendment should create opportunities for retail shareholders to take a greater part in these listed companies, and is expected to increase the liquidity of the market.
Mr. Kittiratt added "For any firms interested in information on gaining a listing on the SET or the MAI, we would be pleased to send our marketing staff to provide you with information and advice on the listing process and procedures - without charge. Please contact our Issuer Marketing Dept. Tel. 0-2229-2019 / 0-2229-2323 for SET listing and Tel. 0-2229-2426 and 0-2229-2428 for MAI listing. Furthermore, this information may also be accessed and downloaded from www.set.or.th"