CIMB Group Holdings Berhad announced today that it will pursue a dual listing of its shares on The Stock Exchange of Thailand (SET). A leading regional universal bank currently listed on Bursa Malaysia, CIMB Group is the first foreign corporation to announce a listing plan since the Securities and Exchange Commission of Thailand (SEC) and SET approved their new guidelines for foreign listings in October 2009. The regulations will be effective from 1 December 2009.
“This move amplifies our commitment to Thailand,” said Dato’ Sri Nazir Razak, Group Chief Executive, CIMB Group. “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,” he said.
“The Stock Exchange of Thailand truly welcomes CIMB Group as our first foreign listing,” said SET President Patareeya Benjapolchai. “As CIMB Group is a leading financial group in the region, its listing will offer Thai investors an alternative worthy of consideration and will raise the profile of the Thai market in the eyes of fund managers worldwide. We are ready to support the company in the listing process to realise its intention,” she said.
Based on CIMB Group’s market capitalisation of USD13.7 billion (THB455.9 billion) as at the close of trading on 13 November 2009, the company would be among the 3 largest companies on SET and the largest financial services group.
CIMB Group is already present in Thailand via its 93.15%-owned subsidiary, CIMB Thai Bank PLC, which is also listed on SET. “CIMB Thai will continue to be listed on SET for now,” said Subhak Siwaraksa, President and CEO of CIMB Thai. “However CIMB Group’s proposed listing would be an opportune time for us to reconsider this in consultation with our shareholders,” he explained.
To facilitate the dual listing, CIMB Group plans to undertake an initial public offering (IPO) of up to 35 million CIMB Group shares. The shares will be made available to retail and institutional investors in Thailand, which may include customers, staff and/or minority shareholders of CIMB Thai.
The dual listing is expected to complete in the first half of 2010, subject to approvals from CIMB Group shareholders and regulatory authorities in Thailand and Malaysia.
About CIMB Group
CIMB Group is Malaysia’s second largest financial services provider and one of Southeast Asia’s leading universal banking groups. It offers consumer banking, investment banking, Islamic banking, asset management and insurance products and services. Headquartered in Kuala Lumpur, its key regional offices are located in Singapore, Indonesia and Thailand.
CIMB Group operates its business through three main brand entities, CIMB Bank, CIMB Investment Bank and CIMB Islamic. CIMB Group is also the majority shareholder of Bank CIMB Niaga in Indonesia, and CIMB Thai in Thailand.
CIMB Group is listed on Bursa Malaysia via CIMB Group Holdings Berhad (formerly known as Bumiputra-Commerce Holdings Bhd). It has a market capitalisation of approximately RM46.3 billion as at 13 November 2009. The Group has over 36,000 employees located in 9 countries.
About Foreign Listing Regulations of Thai SEC and SET
The new regulations were approved by the SEC and SET in October 2009 and will be effective from 1 December this year. In the first phase, the SET will allow only dual listing of the listed company where the home exchange is a member of the World Federation of Exchanges (WFE) and the regulator is a member of the International Organization of Securities Commissions.(IOSCO). The market capitalization of the company should be either over THB 10 billion or such that the firm is in the first quartile of listed companies in its home exchange.
For more details of the regulations, please go to www.sec.or.th and www.set.or.th
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