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Published on August 24, 2007

He has ordered further study of the project and the arrangement of suitable procurement procedures, a source close to the event said.

Pakorn, who was appointed only on Wednesday, was chairing his first meeting of the SET's board of governors.

He appointed four new governors to consider the project, which is expected to be reconsidered at the board's next meeting.

The new chairman's moves followed a proposal from the SET's management that a Bt200-million budget be approved for the project, which is aimed at adjusting the SET's image and the understanding of the Thai bourse among foreign and domestic investors.

The source said Pakorn had asked the SET management, led by

president Patareeya Benjaphol-chai, to study the rebranding project in greater detail and propose it again at a later date.

In addition, he instructed the SET's management to rethink the project's procurement procedures, saying the budget was quite high and that it needed prudent and transparent processes, in order to prevent criticism.

However, the source said Pakorn agreed with the need for an image adjustment for the bourse.

"The SET asked for Bt200 million for the re-branding project, and it was too fast. Pakorn had just been appointed. He should be given time to study the project. At this high level of budget, the procurement procedure should be proper," the source said.

The four new governors appointed to consider the project are MFC Asset Management president Pichit Akrathit, Thai Investors' Association president Wichai Poolvoraluk, True Move directors Vallobh Vimolvanich and ACL Securities CEO Wiboon Perm-arayawong.

The source said the need to adjust the SET's image was based on the belief that the stock market was perceived by some people as a place for gambling.

"People involved with the capital market understand that the stock market is a key pillar of the country.

"But the general public does not understand this. The management wants to adjust this image [of gambling]," the source said.

Siriporn  Chanjindamanee

The Nation