Thailand’s G Steel Surges on Stock Offering Plan

G Steel Pcl (GSTEEL), a Thai steelmaker, gained the most in 16 months in Bangkok trading after announcing a plan to offer new shares in exchange for debt.

The shares surged 24 percent to 0.57 baht as of the 12:30 p.m. midday break, their steepest advance since April 20, 2009. The stock was the best performer in the 480-member SET Index (SET100), which rose 0.3 percent.

G Steel plans to offer as many as 5.1 billion new shares to bondholders, it said in a regulatory filing today. The share offering is part of the plan to restructure the $170 million bonds, it said.

To contact the reporter on this story: Anuchit Nguyen in Bangkok at anguyen@bloomberg.net.

To contact the editor responsible for this story: Linus Chua at lchua@bloomberg.net.

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.