Thai TMB Bank to waive hybrid debt coupon again
BANGKOK, Dec 19 (Reuters) - TMB Bank TMB.BK, Thailand's sixth-largest bank by assets, said on Wednesday it would not pay the coupon on its $200 million hybrid debt due in January 2008 because of expected losses this year.
It is the second waiver after the loss-making bank did not pay the coupon in June on its 10-year hybrid Tier 1 securities issued in May 2006 with a 7.75 percent annual coupon to be paid to debt holders every six months.
TMB told the stock exchange the Bank of Thailand rejected the bank's request to pay the January coupon despite expected losses.
TMB reported a net loss of 20.6 billion baht in the first nine months of this year after a net loss of 12.3 billion baht in 2006.
In November, the bank has agreed to sell a 30 percent stake to Dutch financial group ING (ING.AS) for about $675 million as part of a $1 billion capital raising plan.
At 0310 GMT, TMB shares were unchanged at 1.41 baht, while the Thai main index .SETI was 0.29 percent higher. ($1=33.65 Baht) (Reporting by Arada Therdthammakun; Editing by Michael Battye)
