SET courts four major firms for Thai listings

The Stock Exchange of Thailand (SET) is pursuing four major Thai companies - Line Man Wongnai, CJ More, Thai Beverage (ThaiBev) and a real estate investment trust (REIT) linked to the Central Group - to list on the domestic market. SET chairman Kitipong Urapeepatanabhong revealed that talks are underway with the firm executives regarding potential listings, citing that some have previously contemplated raising funds through overseas markets.

ThaiBev, currently listed on the Singapore Exchange, is being considered for a dual listing in Thailand, and similar discussions are taking place with Line Man Wongnai and CJ More, according to Mr Kitipong. During the fourth SET Annual Conference on Family Business, he emphasized that attracting large companies, especially family-owned businesses, to the Thai capital market would necessitate adjustments to the regulatory framework, including a legal foundation that permits dual-class share structures.

The SET is advocating for amendments to existing legislation, enabling dual-class shares, which allow companies to issue various classes of shares with distinct voting rights. The draft legislation is currently under consideration by the government and legislative bodies, with Mr Kitipong anticipating clearer guidelines by the end of 2026 or early 2027.

If implemented, these changes could make the Thai stock market more appealing to sizable and family-owned businesses seeking to raise capital while permitting existing shareholders to retain varying levels of voting authority. The proposed dual-class share framework is a crucial component of the SET's strategy to enhance the competitiveness of Thailand's capital market, particularly for large companies contemplating initial public offerings or dual listings.

The conference, attended by 260 business owners and next-generation family members, is part of the SET's broader efforts to bolster the ecosystem for family businesses, which exert a significant influence on Thailand's economy and capital market. The discussions during the conference covered four key areas, offering practical guidance for family businesses in navigating uncertainty, fostering resilience, and preparing the next generation for leadership positions.