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Thailand’s paint manufacturer TOA to sell up to 25% stake via IPO

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Local paint and coating manufacturer TOA Paint (Thailand) Plc has applied to the Securities and Exchange Commission to offer up to 507.6 million shares, equivalent to 25.02 per cent of its registered capital, in its initial public offering (IPO).

TOA’s registered capital stands at 2 billion baht, comprising 2 billion shares with a par value of one baht each. Of this, it will sell 254 million primary shares and up to 253.6 million secondary shares that are currently held by Wybrant Holding Limited.

The IPO proceeds will be used to expand TOA’s business domestically and internationally, and to meet working capital requirements, the company’s chief executive Jatuphat Tangkaravakoon told the media.

“We have a vision to be a leader in the paint and coating market in Asean, which will be achieved by offering market-leading products and services. We also believe that we will benefit from the Asean Economic Community, which is expected to have high market growth,” he said.

It has appointed Kasikorn Securities and Bualuang Securities as its financial advisers for the IPO.

Pichet Sithi-Amnuai, president of Bualuang Securities, said that TOA is likely to launch the IPO and list on the Stock Exchange of Thailand by the end of this year.

Currently, the firm has eight production plants in six countries, of which three are in Thailand. To cope with the demand in the region, it is constructing another three in Indonesia, Cambodia and Myanmar.

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DEALSTREETASIA Pte. Ltd. is a news and intelligence platform providing reports on investments, mergers, acquisitions, private equity, venture capital, investment banking and the business of startups across the Asian region.

DEALSTREETASIA Pte. Ltd. is a news and intelligence platform providing reports on investments, mergers, acquisitions, private equity, venture capital, investment banking and the business of startups across the Asian region.

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Investment

Thailand’s H1 Investment Applications rise 158% in combined value, BOI says

Japanese firms ranked first with 87 projects worth 42.8 billion baht, followed by investments from the U.S. with 18 projects worth 24.1 billion baht, and China with 63 projects worth 18.6 billion baht.

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In the first six months of 2021, Thailand’s investment applications increased 14% from the year earlier period in terms of the number of projects, and 158% in combined value, led by increasing foreign direct investment (FDI) applications, sustained growth in target industries including the electronics and medical sectors, as well as in power generation, the Thailand Board of Investment (BOI) said.

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Business

Large Shopping Malls in Bangkok Will Be Closed until July 25th

Shopping malls under the Mall Group, including all branches of The Mall, the Emporium, Emquartier and Paragon Department Store, are also closed for 14 days, from today, except for supermarkets, food courts, pharmacy shops, eateries (take-out and delivery only), banks, mobile phone shops and vaccination sites.

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BANGKOK (NNT) – Large-scale shopping malls in Bangkok and in some dark-red zone provinces are now closed for two weeks, to comply with the latest COVID-19 curbs in 10 provinces.

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