03 June 1996 00:00 [Source: ACN]
LENSO Asia is unlikely to be listed on the Stock Exchange of Thailand (SET) before September because of bottlenecks in the SET approval process.
The company has just received approval from the Securities and Exchange Commission to be listed. However, it is now queuing for approval by the SET.
'There are 16 companies awaiting approval from SET to be listed. There is very little we can do about the delay,' said Narin Sri Kalyanont, Lenso's assistant vice-president for finance. 'Our application for listing is only due to come up before the SET in July.'
A final decision is not expected before August. The company had hoped to be listed in May this year (ACN 25 Mar, p8).
Lenso plans to raise Baht800m (US$31.6m) from the initial public offer (IPO). It will offer 12m shares to the public, representing about 2.18% of its share capital after the IPO.
Proceeds from the IPO will be used to finance the chemical activities of the diversified group.
The company will allocate Baht300m for its joint venture with Mitsubishi Chemical and Thai Olefins Co to set up a 60 000 tonne/year acrylic acid plant and a 95 000 tonne/year acrylic ester plant in Rayong, Thailand.
Plans by the company also include increasing the number of tankfarms, currently 33, to about 40 by 2000, at a cost of Baht150m.
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