WHA Corporation Public Company Limited (SET: WHA) is planning to hold a board meeting to reconsider its decision to spin-off WHA Industrial Development Public Company Limited (WHAID), said a source close to the matter. The assessment indicates that the stock market conditions projected for 2025 may not be conducive for the spin-off.
On February 21, 2025, WHA’s Board of Directors, during its first meeting of the year, had approved a plan for the Initial Public Offering (IPO) of WHAID shares. The plan involved issuing and listing WHAID shares on the Stock Exchange of Thailand (SET). The proposed IPO would offer up to 970,518,600 shares, with a par value of 1 baht per share, accounting for no more than 22.73% of WHAID’s paid-up capital.
The Board explained in a disclosure that WHA Corporation sees potential growth opportunities across its business units. Listing WHAID on the stock exchange is perceived as a strategy to strengthen financial capabilities, enabling the execution of planned business expansions and facilitating investment in new businesses and opportunities.
WHAID is considered a flagship for industrial estate development within the group, having showcased significant growth over recent years, in line with the increasing demand for industrial land in Thailand and Vietnam, which is expected to continue growing in the future.
Previously, Ms. Jareeporn Jarukornsakul, Chairman and Group CEO of WHA, stated that the spin-off and listing of WHAID on the stock exchange was considered timely and beneficial for the company and its shareholders. She emphasized the robust growth of their business operations in both Thailand and Vietnam as a strategic risk diversification. The listing is intended to support industrial estate business growth and diversify funding sources beyond the traditional issuance of bonds across various business sectors.
