Weerawong, Chinnavat & Partners and Latham & Watkins have represented Asset World Corporation (AWC), Thai billionaire Charoen Sirivadhanabhakdi’s hospitality and retail arm, on its $1.6 billion listing on the Stock Exchange of Thailand.
Allen & Overy and White & Case advised the financial advisor and underwriters. Bank of America Merrill Lynch, Morgan Stanley and UBS are the joint international coordinators of the offering, while domestic underwriters include Kasikorn Securities, Bualuang Securities, Phatra Securities, and Siam Commercial Bank.
At 48 billion baht, this is the biggest listing of an individual company in Thailand, giving AWC a total valuation of $6.2 billion. Thailand’s largest stock market listing was True’s Digital Infrastructure Fund, which raised 58 billion baht in 2013, said Reuters. But AWC is the biggest listing by a company, rather than a fund, overtaking state-owned energy PTT’s 32-billion-baht flotation in 2001.
The proceeds will be used for acquiring assets, developing and renovating existing assets and repaying debt, Reuters added. AWC’s properties include the Athenee Hotel, a luxury hotel in Bangkok, and Asiatique, a popular tourist shopping site.
The Weerawong team was led by senior partners Weerawong Chittmittrapap and Veeranuch Thammavaranucupt.
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