BTS insists IPO on track despite poor performance

Bangkok Mass Transit System says its IPO remains on target to get away in the second half of this year despite weaker-than-expected take-up since its December launch.

Bangkok Mass Transit System BTS plans to proceed with an initial public offering IPO of 200-400 million new shares in the second half of 2000. It aims to raise as much as Bt9.6 billion $247 million. The company denies it may delay the fundraising exercise after a slower-than-expected take-up for its elevated commuter train service, Skytrain, which commenced operations above Bangkok's congested streets in December 1999.

The listing should be this year, the third or fourth quarter, says Chief Financial Officer Vichet Bunthuwong. At the moment, the company and its adviser, Salomon Smith Barney, are awaiting regulatory approvals, which should be granted in mid-July.

Of the proceeds, a minimum...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222