[Intl-tobacco] Thai Tobacco Monopoly to sell 30% of capital via IPO

[Robert Weissman]

Tobacco Monopoly to sell 30% of capital via IPO
March 14, 2002 2:11pm
03/14/2002

State-owned Tobacco Monopoly will 30 per cent of its registered capital via
an initial public offering (IPO) this November.

According to the company's director, Suchon Wattanapongvanich, the firm will
seek a foreign partner after its listing on the Thai stock market.

The proceeds from the IPO are expected to be used for business expansion as
the agency plans to build a new Bt10 billion tobacco plant in the next one
or two years.

The state-owned company which has 86 per cent of Thailand's Bt5.5 billion
cigarette market has been under restructuring to improve its efficiency
before its shares are sold to the public.

Copyright 2002.  All Rights Reserved.

TTM may be ready to make its IPO in November - Krungthep Turakij 7/3/02

March 14, 2002 2:11pm


03/14/2002

The government has shortened Thailand Tobacco Monopoly (TTM)'s privatisation
plan to make its IPO in November this year rather than in June 2003, a
report in Krungthep Turakij said.

TTM is one of the best performing state enterprises. In 2001 TTM made 42.62
billion baht in sales and 5.63 billion baht in net profits. The minister of
finance believes TTM will be ready to register as a public company in
September and can make its IPO in November, rather than in June 2003 as
originally scheduled. TTM has assets of about 17 billion baht. It plans to
sell 30 per cent of its shares to Thai investors. After TTM is listed on the
SET it might sell shares to a foreign investment partner.

TTM will use the money raised in its IPO to build a new plant in Chiang Mai
because the site of its original plant is going to be converted into a
public park.