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BankThai shares soar after stake sale agreed

Sun Jun 22, 2008 11:04pm EDT

BANGKOK, June 23 (Reuters) - Shares in BankThai PCL BT.BK surged more than 40 percent on Monday after Malaysia's CIMB BUCM.KL agreed to buy a 42 percent stake in the small Thai lender for 5.9 billion baht ($177 million).

At the opening bell, the stock was up 40.9 percent at 1.85 baht, its highest since November 2007, after resuming trade following a two day suspension. Its shares last closed at 1.32 baht.

The Thai central bank's bailout arm, which currently owns the stake, said Malaysia's second-largest lender had agreed pay 2.10 baht per share, or 2.91 times BankThai's book value of 0.73 baht per share at the end of March. [ID:nSP318613] ($1=33.30 Baht) (Reporting by Arada Therdthammakun; Editing by Ed Cropley)



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