A Military success

Thailand''s 6th largest bank gets new funds, but fails to allay investor concern it can pick up the tab for all its bad loans.

After a long wait, Thai Military Bank, ThailandÆs sixth largest bank, finally got the new capital it needed to fix its balance sheet when it completed an innovative share financing at the end of last week. The restructuring plan was structured in a complicated three- step process - all of which happened concurrently.

The first step in the deal asked existing shareholders to take part in a rights issue, where they bought 3 new shares for each 10 existing shares they held. That effectively raised the number of bankÆs shares from 1 billion to 1.3 billion. The second part of the deal offered 691 million new shares to new strategic investors and 1,992 million...

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