Bangkok--2 Apr--TRIS Rating
TRIS Rating Co., Ltd. announces today that it maintains the “A” ratings for Thanachart Bank PLC (TBANK), Thanachart Capital PLC (TCAP), and their issues. The announcement comes after TBANK’s board of directors reached an agreement with Scotiabank on 29 March 2007 to have Scotiabank own 24.99% of TBANK in the initial stage.
Scotiabank will purchase 157.13 million existing shares from TCAP and 276.26 million new shares at Bt16.37 per share. The transaction is subject to approval by the Bank of Thailand, which is expected to come within June 2007. The agreement also allows Scotiabank to increase its stake in TBANK to 49% by the end of December 2007, upon regulatory approval.
TRIS Rating expects that after the transaction is completed, TBANK’s capital structure will be strengthened. However, consent by the Bank of Thailand is crucial to the success of the deal because regulations limit foreign shareholdings.
TRIS Rating will fully review TBANK’s and TCAP’s business and financial profiles and will announce the ratings to the public. Currently, TRIS Rating has assigned both TBANK and TCAP company and issue ratings of “A”, with “stable” outlooks.
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