Pattaya Daily News

14 December 2007 :: 11:12:45 am 22882

Securities Execs Confident Of Court Ruling On Ptt Case

BANGKOK, Dec 14 – Top executives of securities firms in Bangkok have expressed confidence that Thailand‘s Supreme Administrative Court will consider and rule appropriately on the pivotal PTT case, giving the case utmost prudence and caution since its verdict will have a significant impact on future investor confidence.
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The court is scheduled to give its verdict on a complaint by a group of consumer activists against the legitimacy of the PTT privatisation and its stock listing on Friday.

Montree Sornpaisarn, president and chief executive officer of Kim-Eng Securities Plc, said he believed the court would consider all relevant information with great prudence and caution before ruling on the case.

Should PTT be de-listed from the Stock Exchange of Thailand, he said, there would an extensive impact on the credibility of the Thai capital market and confidence among more than 10 investors in the market.

In addition, the state would have to spend Bt500 billion buying back PTT shares from shareholders.

He said the state might have to borrow money to repurchase the stocks because it had insufficient budget. It would result in an increase in public debt burdens.

Surapon Kwanchaithanya, senior executive vice president of Adkinson Securities Plc, said he was confident PTT would not be de-listed from the stock market because the company had been listed for a long time.

However, should the company do be withdrawn from the market, the state must spend more than Bt400-500 billion repurchasing the stocks.

The stock delisting would adversely affect foreign investor confidence, he said, adding that at present, most investors had slowed their investment pending the court’s ruling on the PTT case.

Reporter : Methawee   Category : Business News

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