Thai bourse plans dual-class share structure to boost listings
The proposed move is expected to be implemented in 2027.
Thailand is planning to introduce a dual-class share structure on its stock exchange in 2027, aiming to encourage more companies to list, ease concerns about founders relinquishing control, and satisfy institutional investors seeking greater access to top companies, according to Kitipong Urapeepatanapong, chairman of the Stock Exchange of Thailand (SET).
This move will enable listed firms to issue different classes of shares with varying voting rights, positioning Thailand alongside markets such as Hong Kong, expanding its pool of listed companies and enhancing market liquidity amid increasing competition from regional financial centers. Thai companies raised approximately 700 million baht (S$26.7 million) through initial public offerings in 2026, a significant decline of 95% from 2025, and are projected to be the lowest total since 2003.
Many Thai companies have hesitated to list due to concerns about diluting their control, with family-owned businesses representing 705 of the 843 listed companies, accounting for 54% of the total market value. Some Thai companies only partially offer their shares to the public, list on foreign exchanges offering dual-share structures, or avoid going public entirely.
The proposed amendment, which includes collaboration with the Finance Ministry, Securities and Exchange Commission, and other agencies, is expected to pass through Parliament in 2026.
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