Hunton & Williams (Thailand) Limited advised Krung Thai Bank PCL on its recent 35 billion baht (USD1.2 billion) rights offering. Krung Thai Bank (KTB:Bangkok) is the largest state-owned financial institution in Thailand. KTB’s first capital increase in 13 years and the largest ever by a Thai corporation, the share offering was the first by a Thai bank, or by any Thai issuer, under Rule 801 of the U.S. Securities Laws. It was successfully subscribed in full by the bank’s existing shareholders.
“Reportedly the largest public share offering by a Thai bank since the 1997 Asian financial crisis, this particularly noteworthy transaction reflects the resurgence and growing strength of the Thai market,” said Stephen John Bennett, who comprised the Hunton & Williams team with Manida Zinmerman and Veerachai Chuenchompoonut. “Hunton & Williams’ participation in the transaction builds on our already solid involvement in the energy, infrastructure, manufacturing, technology, telecommunications, banking and finance industries in the Asia-Pacific markets.”
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