CIMB To List On Thailand Stock Exchange

Vanessa Doctor

17 November 2009

Malaysian financial services provider CIMB Group has announced that it is preparing for a dual listing of its shares on the Stock Exchange of Thailand on 1 December.

CIMB is the first foreign company to list on SET since the Securities and Exchange Commission of Thailand approved the new guidelines on foreign listings in October. Based on the CIMB's current market capitalisation of $13.7 billion, it would be among the top three largest companies listed on the exchange.

"The listing will enhance our profile to investors and the general public in Thailand and make it easy for them to be able to invest in the growth of a regional bank," Dato' Sir Nazir Razak, the group chief executive of CIMB, said in a statement.

CIMB already has a presence in Thailand through its 93.15 per cent ownership of CIMB Thai Bank. To facilitate the dual listing, an initial public offering of as many as 35 million CIMB Group shares is being negotiated. The move's completion is subject to the approval of CIMB shareholders and regulatory authorities of both countries.