Mrs. Patareeya said that: "Companies to be eligible for shelf listing must be public companies having submitted their filing to the SEC by 3 September 2004 (the last business day prior to 5 September 2004), having profits prior to listing, and having operated for at least two years with at least a one-year period under the same management team, having appointed an audit committee, and, together with their financial advisors, having submitted a listing application to the SET and got listing approval before 5 September 2004. The SET will then further seek approval from the Securities and Exchange Commission (SEC)."
Mrs. Patareeya went on to say that the SET Board has also considered the cases of four delisted companies- Power-P Public Co., Ltd. (PP), Country (Thailand) Public Co., Ltd. (CNTRY), Rattana Real Estate Public Co., Ltd. (RR), and Srivara Real Estate Group Public Co., Ltd. (S-VARA)-which have appealed to the SET Board to re-consider its resolution to delist the companies.
"The SET Board has considered the cases and resolved that the securities of CNTRY will be retained as listed securities, however, the company must abide to its rehabilitation plan so as to turn its shareholders' equity to be positive, buy back its core operational assets within 180 days, and consider distributing a number of shares to the shareholders holding shares prior to its capital decrease and debt restructuring.
For Power-P Public Co., Ltd. and Rattana Real Estate Public Co., Ltd., the SET Board resolved that additional information and operational conditions must be examined before considering their appeals.
On the other hand, the SET Board retained that its resolution to delist the securities of Srivara Real Estate Group Public Co., Ltd. is unchanged," Mrs. Patareeya said.
On 24 December 2003, the SET Board passed a resolution to delist these four companies, which were subject to rehabilitation and moved to the REHABCO Sector, because they either did not show adequate progress in their debt restructuring or showed so little progress that it seemed unlikely that their operations could remain viable. Some owned no core assets and/or had no income from operations. Some opted for a debt-restructuring plan that failed to take into account the retail shareholders' benefits. The SET Board hence justified they ended their listing status as of 26 December 2003.
The SET Board has also passed a resolution regarding an adjustment on the board structure as well as the appointment of new board members from Family Know-How Co., Ltd. (FKH) so as to make it in line with the previous restructuring of the SET. The SET Chairman will be the Chairman of FKH and the SET Executive Vice President-Corporate Operation will be an FKH's board member instead of the SET EVP- Capital Market Opportunity Center & Market for Alternative Investment.
Two additional distinguished board members were also appointed. They are the Secretary-General of the SEC, Mr. Thirachai Phuvanatnaranubala, and the Chairman of the Foundation for Capital Market Development, Mr. Niphat Bhukkanasut.
Therefore the FKH's board structure will consist of 13 members- five ex-officio members and eight distinguished members. The five ex-officio members are:
- Mr. Vijit Supinit SET Chairman
- Mr. Kittiratt Na-Ranong SET President
- Mrs. Patareeya Benjapolchai SET EVP-Corporate Operation
- Mr. Vichate Tantiwanich FKH's Managing Director
- Mr. Ratchapol Laovanitch FKH's Senior Vice President
The eight distinguished members are: 1. Mr. Thirachai Phuvanatnaranubala2. Mr. Yuth Vorachattarn 3. Mr. Niphat Bhukkanasut 4. Mr. Knit Kounavudhi 5. Mr. Somkid Jiranuntarat 6. Mr. Thep Roongtanapirom 7. Dr. Surat Palalikit, and 8. Dr. Anusorn Tamajai. The new FKH's board structure will be effective from 1 March 2004 and all the members' terms will be until 31 December 2004.
Mrs. Patareeya said that: "Family Know-How Co., Ltd. is a SET subsidiary responsible for producing medias and programs to promote capital market education through edutainment programs on radio, television and in the printed media as well as other activities. Having distinguished board members who are knowledgeable in various aspects of investments therefore benefit the FKH in that their suggestions are valuable to FKH's operations in educating and distributing information to investors and the public at large, including the country overall."