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Thailand’s G Steel Surges on Stock Offering Plan

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Aug. 26 (Bloomberg) -- G Steel Pcl, 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, 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.

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