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The Stock Exchange of Thailand (SET) is seeking to attract four major Thai companies and business groups to raise funds through the domestic capital market: Line Man Wongnai, CJ More, Thai Beverage (ThaiBev) and a real estate investment trust (REIT) under the Central Group.
SET chairman Kitipong Urapeepatanabhong said the exchange is in discussions with company executives about the potential listings, noting that some have previously considered raising funds through overseas markets.
ThaiBev, which is currently listed on the Singapore Exchange, is being approached about the possibility of a dual listing in Thailand, said Mr Kitipong.
The SET is also in talks with Line Man Wongnai and CJ More, while Central Group has been identified as another potential candidate following earlier plans involving a REIT listing in Singapore.
Speaking on Friday at the fourth SET Annual Conference on Family Business, Mr Kitipong said that attracting large companies, particularly family-owned businesses, to the Thai capital market would require changes to the regulatory framework, including a legal framework allowing dual-class share structures.
The SET is proposing amendments to the relevant legislation to permit dual-class shares, under which companies can issue different classes of shares with different voting rights.
The draft legislation is awaiting consideration through the government and legislative process, with Mr Kitipong expecting greater clarity by year-end or early 2027.
If approved, the changes could make the Thai stock market more attractive to large and family-owned businesses seeking to raise funds while allowing existing owners to retain different levels of voting control.
The proposed dual-class share framework is a key part of the exchange’s efforts to strengthen the competitiveness of Thailand’s capital market and attract large companies considering initial public offerings or dual listings.
The conference, which drew 260 business owners and next-generation family members, is part of the SET’s efforts to strengthen the ecosystem for family businesses, which play an important role in Thailand’s economy and capital market.
Topics of discussions covered four key areas, providing practical insights for family businesses on navigating uncertainty, strengthening resilience and preparing the next generation for leadership.
