November 2, 2018 / 10:05 AM / 14 days ago

Thai state-owned debt manager Bangkok Commercial Asset Management revives IPO plan

BANGKOK, Nov 2 (Reuters) - Thai state-owned distressed asset manager Bangkok Commercial Asset Management (BAM) is reviving plans for an initial public offering (IPO) next year, two sources familiar with the matter told Reuters on Friday.

BAM is planning to submit a filing to the Securities and Exchange Commission (SEC) of Thailand for an IPO by early next year, one of the sources said, asking not to be named because the matter was private.

The company, owned by the Bank of Thailand’s Financial Institutions Development Fund, had previously filed for an IPO in 2016.

However, that plan was scrapped because the company had to make its accounts compatible with the SEC’s requirements, one of the sources said.

Bloomberg reported earlier on Friday that BAM was planning to raise $700 million in an IPO in 2019.

The size of the listing and shareholding structure are still under evaluation, the source said, adding that timing would depend on market conditions, economics factors and the upcoming elections, expected early next year.

BAM was established in 1997 during the Asian financial crisis to manage non-performing loans. It currently manages distressed assets and bad loans.

The Bank of Thailand declined to comment on the IPO plan.

Trinity Securities and Kasikorn Securities are advisers for the IPO, the sources said. (Reporting by Chayut Setboonsarng and Wirat Buranakanokthanasan; Editing by Amrutha Gayathri)

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