Devonshire Capital
January 9th 2003

PRESS RELEASE: Bangkok Post

Kiatnakin, Devonshire pool efforts

Joint focus on advice and securitisation

Nuntawun Polkuamdee

Kiatnakin Securities and Devonshire Capital Pte plan to launch a new joint venture offering investment banking services later this year.

The new firm, Devonshire Kiatnakin Co, will be set up with 10 million baht equally held by the two firms.

Suraphol Kulsiri, Kiatnakin's managing director, said the new company would focus on securitisation and advisory activities.

He said Devonshire Kiatnakin would also offer investment banking services, including financial advisory services for companies seeking to list on the capital market.

Devonshire, a boutique investment bank, helped put together the country's first securitisation deal last year together with Trinity Securities for the National Housing Authority.

As well, Kiatnakin Securities, a wholly-owned subsidiary of Kiatnakin Finance, plans to expand its retail brokerage operations to other securities-related services this year.

The firm opened five new branches last year, but is suspending any new expansion until after tensions over Iraq subside.

``We are still focused as a retail broker, with a market share of 2.8%. But the company will diversify into other securities-related businesses in the future,'' Mr Suraphol said.

Threekwan Bunnag, the deputy managing director of Trinity Securities, said Trinity was still on good relations with Devonshire and planned to co-operate in future deals with the new Kiatnakin Devonshire firm.

Trinity Securities has also established itself as a specialist in securitisation, a process where assets are pooled together to serve as the collateral for bonds.

Mr Threekwan said Trinity planned to launch another securitisation issue in the first quarter, and expected the total value of deals this year to reach around four billion baht.

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