Bangkok Post reported that SET listed Mill Con Steel Industries Plc aims to float its Taiwan Depository Receipts in Taipei by the end of 2009 as the first of its kind to be traded in the stock exchange there.

As per report, Mill Con Steel, which is associated with steel tycoon Somsak Leeswadtrakul, projects revenue will reach THB 10 billion this year, up from THB 9.4 billion a year earlier, citing reviving steel demand and prices.

Mr Sittichai Leeswadtrakul president & CEO of Mill Con Steel said that it is preparing to submit the filings to Taiwan's stock exchange and will hold a road show in Taiwan later this month.

It may be noted that Mill Con's board of directors on July 31st 2009 approved the issue and the offering of its 100 million existing shares or 17.45% of the company's paid up capital in the form of TDRs. Its 26 major shareholders will participate in the issue.

Mr Thitipong Tangpoonphonvivat executive director of Mill Con Steel said that listing in Taipei appeals for market capitalization and trading value as well as brighter prospects for steel shares than the Thai stock exchange.

He said that trading value in Taipei is higher than on the Singapore stock exchange with 15 million investor accounts, compared with only 500,000 in Thailand. In addition, steel shares are less attractive here than big cap energy and banking stocks.
Mill Con's plant in Bangkok has an annual capacity of 250,000 tonnes of round and deformed bars and 300,000 tonnes of structural steel. It also controls about 84% of BRP Steel, whose factory located in Rayong rolls out another 300,000 tonnes of large format steel bars.

(Sourced from www.bangkokpost.com)