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.
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