(Bloomberg) -- Thailand’s central bank will own less than half of the country’s biggest distressed asset manager if the company sells its planned 1.77 billion shares in an initial public offering.
Bangkok Commercial Asset Management Pcl will dispose of as much as 54.4% of its enlarged capital, it said in a regulatory filing on Friday. The Bank of Thailand, which owns almost the entire company, will offer as many as 1.48 billion existing shares, while the remainder will be new stock. The central bank’s holding will fall to as low as 45.6%, it said.
Bangkok Commercial Asset had net income of 3.25 billion baht ($105 million) in the quarter ended March 31, compared with 699 million baht in the same period a year earlier, according to the statement. The company is planning an IPO that could raise at least $700 million, Bloomberg reported in November, citing people with knowledge of the mater.
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