New listing rules

Qualifications of DR issuers

• Approved by SEC

Qualifications of DRs

1. Having SEC-approved issuers
2. Bearing holders’ names
3. Having no transfer restrictions
4. Distribution is in accordance with requirements as specified by SEC announcements as follows:
   
   • Public offering: At least 50 holders and the value of distributed units must be at least THB 50 million (or THB 20 million if the underlying shares are listed in GMS countries).
   • Direct listing: Must achieve the same distribution as required for a public offering within three months from the first day of trading on the stock exchange. Measures to address the distribution shortfall must be specified in the prospectus.