Telenor unit DTAC plans to list on Thai bourse this yr |
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Published
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Wed, 21 Mar 2007 07:18
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BANGKOK (XFN-ASIA) - Mobile phone operator Total Access Communication (DTAC) said it plans to list on the Thai stock exchange this year, raising at least 6 bln baht in the process.The company, which is controlled by Norwegian telecom giant Telenor, plans to use one third of the issue proceeds for network expansion and the rest mainly to repay debt.The listing is expected to take place by June and will be the biggest offering in the local bourse since 2003, it said.It will also make DTAC the first Thai firm to list on both the Singapore and the Thai exchanges.'Given our improving market share and strong growth potential, it's the right time to share ownership of our company with local investors,' DTAC chief executive Sigve Brekke said in a statement.'This shows our confidence not only in the bright prospects for DTAC but also for Thailand as a whole.'DTAC listed on the Singapore Stock Exchange in 1995 and its status there will be maintained after its Thai offering, said Brekke.Meanwhile, DTAC's parent company -- United Communication Industry (UCOM)-- would be delisted from the Thai market by the third quarter. Once completed, UCOM would be a subsidiary of DTAC.The plans are subject to approval by shareholders, Thai regulators and both exchanges.By floating its shares this year, DTAC will enjoy tax privileges given by the Stock Exchange of Thailand to new listed companies. The company will pay corporate income tax at the discounted rate of 25 pct for three three years, compared to the normal rate of 30 pct.DTAC aims to boost its new subscribers to 15 mln this year, compared to last year's 12 mln. It controls about one third of Thailand's cellular market, ranking only after Shin Corp's Advanced Info Service (AIS).afp/rc
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Telenor's DTAC Q4 net profit up 9 pct on subscriber growth; down 13 pct yr-on-yr 