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January 31, 2008 |
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TMB BANK: Appoints Two New Independent Directors TMB Bank PCL has appointed two new independent directors to replace those that have resigned earlier. According to a disclosure with the Stock Exchange of Thailand, Vijit Supinit was appointed to replace Kraithip Krairiksh, while Nipon Poapongsakorn replaced Vudhibhandhu Vichairatana. As independent directors, they were also appointed into the company's audit committee. These new independent directors' appointments took effect on Monday, January 28. Headquartered in Bangkok, Thailand, TMB Bank Public Co. Ltd -- http://www.tmbbank.com/ -- is a commercial bank that renders financial services to all groups of customers. TMB Bank had total assets of about THB717 billion as at December 31, 2005. On January 23, 2008, the Troubled Company Reporter – Asia Pacific reported that Standard & Poor's Ratings Services raised its issuer credit rating of TMB Bank Public Co. Ltd.'s Hybrid Tier-1 securities to 'B+' from 'D', reflecting expectations that the bank will report a profit in the first half of fiscal 2008 and will pay the coupon on its hybrid notes in accordance with the issue's terms and conditions. The TCR-AP also reported on January 28, 2008 that Fitch Ratings has upgraded the following ratings of TMB Bank Public Company Limited, as follows: * Long-term foreign currency Issuer Default Rating (IDR) to 'BBB-' (BBB minus) from 'BB+' * Short-term foreign currency IDR to 'F3' from 'B' * Foreign currency subordinated debt rating to 'BB+' from 'BB' * Foreign currency Hybrid Tier 1 issue rating to 'BB-' (BB minus) from 'B' * Individual rating to 'C/D' from 'D' * National Long-term rating to 'A+(tha)' from 'A(tha)' * National subordinated debt to 'A(tha)' from 'A-(tha)' (A minus (tha)) Meanwhile, TMB's Support Rating Floor has been affirmed at 'BB', the Support rating at '3' and National Short-term rating at 'F1(tha)'. At the same time, TMB is removed from Rating Watch Evolving from which it was placed on in October 2007 following the announcement of the capital raising and possible entry of ING Bank NV (ING) as a major shareholder. The Outlooks on the Long-term foreign currency IDR and National Long-term rating are Stable. Tuesday's edition of the TCR-AP delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-AP editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Tuesday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-AP constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-AP editor holds some position in the issuers' public debt and equity securities about which we report. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR-AP. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Friday's edition of the TCR-AP features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. |
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