(Bangkok, 30 November 2007)
Shareholders of United Overseas Bank (Thai) Pcl, (UOB
Thai), have approved a capital restructuring plan at its
Extraordinary General Meeting, which will eliminate accumulated
retained losses.
At the Extraordinary General meeting, shareholders
approved the capital restructuring by:
(1)Eliminating the retained losses in the
balance sheet by reducing paid-up capital from THB 82.17
billion to THB 22.6 billion through the reduction of number
of shares from 8.22 billion shares to 2.26 billion shares.
(2)Increasing capital from THB 22.6 billion
to THB 24.86 billion, an injection of THB 2.26 billion
new capital, thereby enabling UOB Thai to strengthen its
capital base in view of future business growth.
Kim Choong Wong, President and CEO of UOB
Thai said that this capital restructuring will significantly
eliminate the Bank’s retained losses and put the Bank
in a position to pay dividends to shareholders in the
future. He also added that UOB Thai has projected a growth
of 5 – 10% over the next few years. Its business focus
will be mainly on the SME and Personal Financial Services
segments. The Bank is also well-prepared for the implementation
of Basel II in 2008.
Mr.Wong concluded, “ We firmly believe in
Thailand’s economic future. With this capital restructuring,
UOB Thai’s competitive position is definitely strengthened.”
The Bank’s major shareholder is United Overseas
Bank Limited (UOB), a leading Singapore bank. UOB is one
of the most profitable and best capitalized banks in the
region, with assets of S$ 145.1 billion. It enjoys strong
credit ratings from independent rating agencies such as
Moody’s, Standard and Poor’s, Fitch and Capital Intelligence.
UOB is fully committed to Thailand and is confident of
UOB Thai’s long-term future.
November 30, 2007
For More information, please
contact Corporate Affairs Division,
United Overseas Bank (Thai) Pcl.
Or Boonyaporn Vongbuikaw, Pornsin Chinoresyothin
Tel 0-2343-4965, 0-2343-4963
