A change in the major shareholders' structure of Seamico may pave the way for a merger and acquisition deal with Syrus Securities, according to a source in the broking community.

Seamico Securities reported to the Stock Exchange of Thailand (SET) yesterday that as of last Friday, Strategic Acquisitions (SFC) held 125.06 million shares, or a 15-per cent stake, in the company through its two nominees, Quam Securities and Quam Securities Nominee (Singapore).

The broker did not mention SFC's shareholders.

The same source said it was widely believed in the industry that Quam Securities might be a nominee of Nupraphan Sanitwong na Ayudhya, a former shareholder and executive of Seamico Securities, who is believed to hold a significant stake in Syrus Securities through nominees.

SET data show there were no major shareholders in Seamico Securities as of March 28, 2006. Songsak Jitcheuajun was the biggest shareholder in the broker, with a 5.3-per-cent stake.

As of March 31, 2006, Chatchaval Jiaravanon owned 12.75 per cent of Syrus Securities, followed by Anucha Sihanartkathakul, with 12.06 per cent and Suporn Wattanavekin with 11.62 per cent.

The source said that a meeting of Seamico Securities' shareholders on April 18 may be a critical point as some extra items may be added to the agenda - as happened in the case of Adkinson Securities.

On that occasion, the Techaubol family snapped up enough of Adkinson Securities' shares through nominees to propose an agenda change, ousting Arpha Kiewkacha from the broker's executive team.

Seamico Securities managing director Chao Aranwat said that he did not know why SFC was snapping up his company's shares, nor who was behind SFC.

At the beginning of this year, Seamico Securities and Syrus Securities controlled 3.47 per cent and 0.72 per cent respectively of stock trading volume.

The Securities and Exchange Commission granted Seamico a mutual fund operation licence early last year.

A company was established to exercise the licence in June last year with registered capital of Bt100 million, but it has so far kept a low profile. Although fund managers have been appointed, the firm has not yet begun operating.

Meanwhile, in a rare event yesterday, stock in Sicco Securities jumped 21.55 per cent to close at Bt1.44 on widely spread rumours that Kim Eng Securities (Thailand) was negotiating with major shareholders to acquire a sizeable stake in Sicco Securities.

"There is a rumour that Siam Commercial Bank, which is Siam Industrial Credit's major shareholder, wants to divest its stake in the company and interested investors do not want Sicco Securities, so Siam Industrial Credit will sell out its stake in the broker," another source said.

Siam Industrial Credit holds a 70.85-per-cent stake in Sicco Securites.

Kim Eng Securities (Thailand) managing director Boonporn Borriboonsongsilp said she was unaware of the rumour because CEO Montree Sornpaisarn was in charge of investment-banking operations and was abroad.

Sicco Securities' managing director and CEO Siripong Sutharoj said he was unaware of the issue because his role was limited to management. .

Siriporn Chanjindamanee

The Nation