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Shares in SCBX Plc (SCB), the newly listed securities of Siam Commercial Bank after corporate restructuring, rocketed over 70 per cent as trading resumed on Wednesday.
SCB peaked at 121.50 baht, up 71 per cent from the closing price of the former SCB shares (SCBB) a day before.
Last week, Siam Commercial Bank’s ticker symbol in the stock market was changed from SCB to SCBB, which was available for trading until April 26, before getting delisted.
After delisting, SCBB shareholders will no longer be able to trade the shares, but are still entitled to receive dividends and trade the shares on the over-the-counter market.
The bank made a tender offer for all SCBB shares to SCBX under the share swap plan, which was completed on April 18. SCBX shares will continue to trade under the “SCB” ticker symbol to prevent confusion.
Analysts at Krungsri Securities said in a note that SCB’s share price could rebound to pre-share swap level of 115-130 baht per share.
“Each 10 per cent change in the share price would swing the SET Index by 2 points,” the analysts estimated.
Arthid Nanthawithaya, SCBX chief executive, said the overwhelming reception from investors to the bank’s shareholder restructuring reflected their confidence in its “Mothership” strategic plan. The plan aims to elevate the SCBX Group to become a regional financial technology player.
“This shareholding restructuring will enhance the potential and flexibility of business growth within the SCBX Group in a variety of ways,” Arthid noted.
In the first quarter, SCB announced its net profit of 10.2 billion baht, up 1 per cent year-on-year, thanks to net interest income growth and lower loan-loss provision.
Despite a normal 30-per-cent price swing limit in one trading day, the Thai exchange specified that SCB’s floor price is 0.01 baht and the ceiling price is 213 baht, the same calculation as shares with initial public offering.