KUALA LUMPUR Feb 26 CIMB Group Holdings Bhd,
Malaysisa's second-largest bank, said on Tuesday it has
abandoned plans for a dual listing in Thailand, as months of
anti-government protests begin to take their toll on market and
"CIMB has decided to abort the proposed Stock Exchange of
Thailand (SET) listing in light of the market conditions in
Thailand," CIMB said in a statement late on Tuesday.
The announcement came after Southeast Asia's fifth-largest
lender posted record profits for a fifth straight year but
warned it's Thai business would need to be "focused and agile to
navigate the uncertain environment".
If CIMB had carried out the listing, it would have become
one of the top five lenders on the Thai stock exchange in terms
of market value.
In Thailand, protesters have been seeking to oust Prime
Minister Yingluck Shinawatra and stamp out the influence of her
brother Thaksin Shinawatra, a self-exiled former premier
regarded by many as the real power behind the government.
While the main index has been largely flat since the
start of 2014, it was the worst performing bourse in Southeast
Asia last year, also hurt by volatility in emerging markets due
to the tapering of U.S. monetary stimulus.
CIMB, which has a controlling interest in CIMB Thai Bank
, first proposed a dual listing in 2009 but the plan
was delayed due to regulatory and tax issues. It won approval
from Thai authorities in May last year but had to seek
extensions till May 30 this year.
(Reporting by Niluksi Koswanage)