The share price of Stark Corporation Public Company Limited (STARK) rose ฿0.16/share or 10.39% to ฿1.70/share with a trading value of 1,034 million baht as of 15:32 local time in Thailand.
The spike in share price came after the distribution of ordinary shares held in the company to increase the proportion of shares held by minority shareholders (Free Float).
Last week, Mr. Vonnarat Tangkaravakoon, the major shareholder of STARK, distributed 2,250,000,000 ordinary shares held in the company to domestic and overseas investors or 9.45% of STARK’s total issued shares at the price determined following a book building process.
After the distribution of ordinary shares, the shareholding ratio of minority shareholders (Free Float) shall increase from 11.40% of STARK’s total issued shares (as disclosed in the company’s Information Memorandum dated May 28, 2020) to 20.85% of total issued shares, in compliance with the free float proportion required by the Stock Exchange of Thailand’s regulations.
The increase in free float will allow the company to be listed in SET50 as well as the possibility to be added in MSCI.