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February 13, 2008 |
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TMB BANK: Gov't Savings Bank to Buy Company Stake in MFC Asset TMB Bank is expected to sell its 11.68% shares in MFC Asset Management to the Government Savings Bank, The Bangkok Post reports. According to the report, TMB is expected to price the deal at THB23 per share, making the transaction worth over THB322 million. GSB currently holds 24.5% of MFC, followed by the Finance Ministry at 16.67%, the report notes. The transaction, The Post says, will increase the state's shareholdings in MFC to 52.85%, effectively making the asset-management company a state enterprise. For TMB, the share sale will allow the bank to focus its operations on 56%- owned TMB Asset Management, the report points out. The recent entry of ING as a bank strategic shareholder also opens up partnership possibilities with ING Funds, The Post adds. About TMB Bank 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. As reported on January 28, 2008, Fitch Ratings upgraded these ratings of TMB Bank Public Company Limited: * Long-term foreign currency Issuer Default Rating to 'BBB-' 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. Fitch said the outlook on the long-term foreign currency IDR and national long- term rating is stable. |
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