SEC kicks off the 2nd “Pride of the Provinces” Project

Bangkok, February 4, 2013 – The SEC together with the Interior Ministry, National Science and Technology Development Agency (NSTDA), the Stock Exchange of Thailand (SET),  the Federation of Thai Industries (F.T.I.), the Thai Chamber of Commerce, the Investment Banking Club, and participating approved auditors co-announce the launch of the second “Pride of the Provinces” Project along with a number of privileges to attract business operators nationwide, especially for those who missed the first Project. The application period will last until May 31, 2013.

 

After the success of the first “Pride of the Provinces” launched last year with a total 104 participating companies from 34 provinces, this project aims at creating an ongoing awareness and understanding of provincial business operators about raising funds through the capital market. In this regard, the SEC and its project co-sponsors from both the public and private sectors would like to invite business operators across the country to submit applications to participate in the 2^nd “Pride of the Provinces” project. This project will help to enhance their knowledge on how to use capital market as a fund raising channel, as well as further prepare themselves to be listed on the SET which in turn will allow them to have a long-term financial source and enhance their competitiveness with the forthcoming ASEAN Economic Community (AEC).

 

The 2^nd “Pride of the Provinces” project again focuses on companies incorporated or

having their core businesses in provinces not less than two years. Moreover, the 2^nd project provides even wider opportunity by allowing the participation of businesses with paid-up registered capital and shareholders’ equities not less than 20 million baht, or having either profit or retain earnings in the latest fiscal financial statements.

 

Qualified businesses will enjoy various privileges; for example, join training courses on capital market and other related matters in preparation for becoming a publicly traded company, obtain advice for going public, get exemption of application fee for an approval of public offering of shares and application fee for listing of ordinary shares as listed securities from the SEC and the SET respectively, if submitting the application for public offering within 2014, be awarded a plate of honor if obtaining approval from the SEC within 2014, etc.

 

Interested business operators can seek further details of the project and download application form at www.sec.or.th/ipop or facebook: www.facebook.com/secipop, or call for information at tel. 0-2263-6000.  Application forms can be submitted at F.T.I. provincial chapters, provincial Chamber of Commerce, or the SEC from now until May 31, 2013.

 

 

 

 

 

 

 

Jarupong Ruangsuwan, Interior Minister said that “The Government foresees the importance of promoting business development in all provinces with the confidence that they will be another key mechanism to help drive the country’s sustainable economic growth. I wish that all provincial governors, especially for the provinces that have not yet participated in the first project, will encourage the participation of the private sector so as for businesses across the country to grow in the long run.”
Charin Chakkaphak, Deputy Permanent Secretary for the Interior said that “The Government has put effort on domestic income distribution to lessen the income gap/inequality problem. Capital market sector under this group effort project will increase the opportunity for local businesses to have access to financial sources which in turn will not only enhance their competitiveness, but also increase the employment rate and income distribution of each province and lay out strong foundation for Thailand’s economic development.”

 

Vorapol Socatiyanurak, SEC Secretary-General said that “The 2^nd “Pride of the Provinces” Project was launched today due to very good response of the first project from provincial businesses. Moreover, the SEC is fully aware of business operators’ needs who are interested in capital market and how to raise fund by going public. Besides, many participated businesses have high potential and are willing to adjust themselves to remain competitive in an increasingly global competitive environment. This could be deemed as a good starting point for them to make use of the capital market in the future, ready to take advantage of the opportunities from AEC.”

 

Charamporn Jotikasthira, SET President said that “The SET strongly supports this project and helps advise interested business owners regarding the advantages of going public. From the first project, four participated companies from Chonburi, Pathumthani, and Pracheenburi, are now listed on the Market for Alternative Investment (mai), and five companies are in the process of filing of application and are waiting to list.”

 

Mr. Payungsak Chartsutipol, Chairman of F.T.I. said that “Many industrial businesses are aware of the importance of this project and have already applied to participate in the first “Pride of the Provinces” Project. Any businesses that wish to reorganize their management and financial structure should not miss the opportunity to learn, understand, and access the capital market. This would help to enhance their competitive edge for the upcoming AEC.”

 

Mr. Pongsak Assakul, Chairman of the Thai Chamber of Commerce said that “The first “Pride of the Provinces” Project created awareness of local business owners on the importance of operational efficiency improvement in concurrent with financial stability enhancement. It is not only a matter of survival but also that of creating a strong foundation and paving the way to be a leader in their businesses. I do hope that the second project will create more awareness nationwide”

 

 

 

 

 

 

 

 

 

Narong Sirilertworakul, Executive Vice President, Organization Strategy and Support, NSTDA said that “NSTDA places high importance on development of production efficiency. We therefore strongly support participating businesses that wish to improve their production process by providing technical consultation to help them sharpen their competitiveness.”
Mr. Norachet Sangruji, Chairman of Investment Banking Club said that “This is a good opportunity for local businesses. The project participants, whether or not they are small-sized or newly established companies, will receive advice promptly from the SEC, the SET, and financial advisors together at the same time. The IB Club will be fully supportive to this project.”