TMN To List Shares

Monday, July 23, 2001
Thai state-owned shipping company Thai Maritime Navigator (TMN) it would list its shares on the Stock Exchange of Thailand in the next three years. TMN chairman of board of directors, Worasak Worapamorn, said that before the listing, TMN would raise its capital and place a large stake with private investors. TMN is now wholly owned by the Thai finance ministry. Worasak said the company would raise its capital by 483 million baht ($10.5 million) to 600 million baht. The government would then offer 49 percent of the company, or 29.4 million TMN shares, at 35 baht per share to members of the Association of Thai Ships' Owners, representatives of private shipping firms. Members of the association include Regional Container, Unithai Line and Jutha Maritime. Regional Container has said it wanted to buy at least 26 percent of the new shares in TMN. The result of the share offering was expected to be concluded by the end of August, Worasak said. - (Reuters)

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