With effect form 1 October 2016, companies listed on the Stock Exchange of Thailand ("SET") and Market for Alternative Investment ("MAI") are required to have par value of not less than Baht 0.5 per share, except in certain permitted circumstances (e.g. having closing price for each trading day of Baht 100 or more for a consecutive period of 6 months or undergoing rehabilitation or restructuring process). Nevertheless, the amendment does not apply to listed companies whose par value is currently below the new minimum or those which have obtained a resolution of the meeting of the shareholders to reduce the par value below the new minimum prior to the amendment came into force.

Further, certain criteria for listing on SET and MAI have been revised with an aim at improving the quality and liquidity of listed securities and will take effect from 1 January 2017. Key changes include:

1. Companies applying for listing on both SET or MAI shall now have positive shareholders' equity prior to their IPO with a minimum free float of at least 25 per cent of their paid-up capital (or at least 20 per cent if their paid-up capital (ordinary shares only) is Baht 3,000 million or more).
2. Listing on MAI requires minimum paid-up capital (ordinary shares only) and shareholder's equity of Baht 50 million, with a minimum net profits in the latest year of Baht 10 million.
3. Market capitalization for listing on SET has been increased to at least Baht 7,500 million. 

This document is solely intended to provide an update on recent development in Thailand legislation and is not purported to provide a legal opinion, nor a legal advice to any person.