Home > Business > BAY merger completed as GE ups stake to nearly 35%

BAY merger completed as GE ups stake to nearly 35%

Bank of Ayudhya reported yesterday to the Stock Exchange of Thailand that its major shareholder, GE Capital International Holdings, had raised its stake in the bank to 34.92 per cent.

Published on September 20, 2007

GE Capital's shareholding increased after buying the final package of 164.34 million shares at Bt16 apiece for a total of about Bt2.63 billion, in order to complete a merger agreement between the two companies.

The Finance Ministry recently allowed GE Capital to hold up to 35 per cent of Bank of Ayudhya shares.

Last year, Bank of Ayudhya approved an offering to GE Capital of 1.391 billion shares at a price of Bt16 apiece, to be split into three lots and sold in accordance with official approval.

Earlier, the Finance Ministry allowed GE Capital to hold 29.5 per cent of the bank's shares before raising the level to 33 per cent and finally 35 per cent.

Somruedi Banchongduang, The Nation

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BAY merger completed as GE ups stake to nearly 35%

Bank of Ayudhya reported yesterday to the Stock Exchange of Thailand that its major shareholder, GE Capital International Holdings, had raised its stake in the bank to 34.92 per cent.

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