Executives, wives take blocks of Egat shares

Current and former Egat Plc executives and their wives have received a sizeable number of the 522 million shares offered to its entire staff in preparation for its public listing, according to sources at the Securities and Exchange Commission.

A financial executive who had held the post for only a month was given the second highest amount of shares after Egat chief executive officer Kraisi Karnasuta.

Kraisi was allocated 266,666 Egat shares, worth Bt2.66 million, vice president Bunchoo Direksataporn received 96,969 shares worth Bt960,000, and his wife, Yonglak Direksataporn, was given 36,372 shares, the SEC sources said.

Bunchoo was appointed Egat vice president in October this year and will hold the post until the company’s privatisation is complete.

Kajornsak Hotrabhavanond, a senior deputy governor, was given 81,197 shares and his wife Yaowalak Hotrabhavanond was given 33,643 shares.

The executives are among the 10 listed in Egat’s IPO prospectus as being its executives as of October 25. All of them received a large number of shares, according to SEC sources.

Narongsak Vichetpan, a senior executive who retired in September, was given 96,969 shares.

More than 510 million shares, or 97.7 per cent of the total, have been taken up by the eligible subscribers while the remaining 1.68 million shares will be offered to the general public. SCB Securities Co Ltd and Tisco Securities Co Ltd serve as financial consultants in the share sale.

Egat, a state enterprise formerly known as the Electricity Generating Authority of Thailand, was originally scheduled for an initial public offering in mid-November. It is the country’s largest power producer.

The Supreme Administrative Court on November 15 issued an injunction on the public sale of Egat shares. The court called for a freeze on Egat’s listing plans while it reviewed the legality of two executive decrees that led to the company’s controversial corporatisation and its impending share sale.

The case was filed by a coalition of consumer rights protection groups.

Source: The Nation - December 02, 2005

Although the whole thing is a bit iffy. 266666 share is only about 0.04% of the total number of shares offered, and apparently there were still shares available to Egat staff.

However, giving the EGAT staff preferential treatment is a bit questionable, especially since the price is ridiculously low. 522 million shares at 10 baht a piece, is 5.2 Bn baht - surely the value of EGAT holdings are well in excess fo this?

TIT

More than 510 million shares, or 97.7 per cent of the total, have been taken up by the eligible subscribers,

I guess "eligible subscribers" means insiders

and 2.3 per cent offered to the pulic makes it legitimate

Sounds like a nice little carve up, as usual sweet FA for the ordinary folk.I wonder how many Toxins mates and relatives will end up with?.

So they make a few million at BEST in one quick pop, and then the stock stagnates (in comparison to most markets) for years. Big deal. Insiders elsewhere do much much better.

You gotta wonder how someone can ever 'lose face' when they had absolutely

no credibility to begin with.

Naka.

Isn't it reassuring to see that Thai management can maintain international-standards, at least when it comes to corruption, and stock-fiddles ?

Makes you kinda proud