BANGKOK, Aug 21 (Reuters) - Thailand’s largest industrial estate developer, Amata Corp, said on Thursday its Vietnam unit will postpone an initial public offering on the Thai bourse until the middle of 2015 from the third quarter of 2014.
The postponement was the result of the delay in receiving approval from Vietnam to set up a second industrial estate in the country, Somhatai Panichewa, chief executive of Amata VN told reporters.
“The delay in approval makes it unnecessary for us to spend money this year,” Somhatai said, adding the proceeds from the IPO would be used to develop its second industrial land in Vietnam.
Earlier, Amata signed a contract with a Vietnamese local government to develop Long Thanh industrial estate, which covers 1,285 hectares in an area near Ho Chi Minh City, to serve growing demand for investment in the Southeast Asian country.
Reporting by Pisit Changplagngam; Writing by Khettiya Jittapong