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STOCKS NEWS THAILAND-CH Karnchang rises ahead of power flagship debut
July 17, 2013 / 4:13 AM / 4 years ago

STOCKS NEWS THAILAND-CH Karnchang rises ahead of power flagship debut

Shares in large-cap builder CH Karnchang Pcl rose in active trade ahead of the market debut on Thursday of its power development arm, CK Power Pcl.

CH Karnchang shares were up 0.5 percent at 19.7 baht, climbing at one point to 19.8 baht and bouncing from a 1 percent drop in the previous session. It was among the top actively-traded stocks with about 10 million shares changing hands.

CK Power sold 220 million shares in an initial public offering last week at 13 baht each, a 26 percent discount compared with the price of the book value of other companies with similar business, it said in a statement.

Traders said the pricing of the IPO provided room for the stock to rise and should benefit CH Karnchang which is the biggest shareholder and holds 31.8 percent in the company.

CH Karnchang shares have risen 46 percent so far this year, the fourth-best performers on the SET50 index which tracks Thai blue chip firms.

1045 (0345 GMT)

Reporting by Viparat Jantraprap in Bangkok; Editing by Anupama Dwivedi

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