What loan-to-value (LTV) can I expect on a Thai stock loan?

There is no single headline LTV. The ratio is driven by the liquidity, volatility, free float, and shareholder concentration of the specific SET- or mai-listed counter, together with position size and the chosen structure. An indicative LTV is issued only after review of the actual ticker and holding.

What tenor and interest terms are available?

Tenors are typically 12 to 36 months. Interest may be fixed or floating and can be serviced periodically or rolled into the structure. Terms are set per transaction against the collateral profile and the borrower's objectives.

Borrow against your SET-listed shares.

Q: Who uses a stock loan against SET-listed shares?

Typical borrowers include founders and controlling shareholders of SET-listed companies, major individual shareholders, family holding companies, listed corporates holding treasury or strategic equity, and pre-IPO or lock-up holders who need interim liquidity before they are free to sell.

Q: Does pledging my SET shares trigger public disclosure?

It depends on the holder's status and the size of the position. Any disclosure or regulatory obligations are a matter for your own Thai legal counsel, engaged in parallel; we act as arranger and introducer and do not provide legal or regulatory advice.

A Thailand stock loan turns a concentrated holding into liquidity — without selling, without surrendering ownership, and without leaving the register.

01 · The instrument

Pledge, not sale

What a Thailand stock loan actually is.

A stock loan is a financing secured by a pledge of your SET- or mai-listed shares. You draw cash against the value of the holding while the shares remain yours — and you recover them in full when the loan is repaid.

The mechanics are simple to state. You pledge listed shares as collateral, capital is advanced against an agreed loan-to-value, and the position is held under documented custody for the term. Throughout, you keep beneficial ownership of the shares, the full economic upside of the position, and — depending on how the structure is built — your dividend entitlement and your vote.

When the loan matures and is repaid, the pledge is released and the shares return to you, unchanged. The transaction leaves no permanent mark on your holding.

A sale ends your relationship with the company. A stock loan simply borrows against it for a while.

Sale vs. pledge

The contrast with an outright disposal is the whole point. Selling realises cash but permanently removes you from the position — forfeiting the upside, potentially triggering tax, disclosure, and control consequences, and signalling to the market. A stock loan extracts only the capital you need and preserves everything else.

02 · Who it serves

Concentrated Thai holdings

Built for shareholders with a meaningful stake to protect.

If your wealth is concentrated in a single Thai-listed counter — and you would rather not unwind it — a stock loan is designed for you.

01
Founders & controlling shareholders of SET-listed companies who need liquidity without diluting control or signalling a sale.
02
Major individual shareholders holding a large, long-term position they intend to keep.
03
Family holding companies consolidating listed equity across generations and entities.

04
Listed corporates with treasury or strategic cross-holdings to mobilise without divestment.
05
Pre-IPO & lock-up holders seeking interim liquidity before they are contractually free to sell.
06
Long-term shareholders who want capital today but the position tomorrow.

03 · Key terms

Structured per transaction

The terms that shape a Thai stock loan.

No two listed positions are alike, so terms are structured around the specific ticker rather than quoted from a rate card. The framework below is indicative.

ALoan-to-value

Indicative LTV

Varies with the liquidity, volatility, free float, and concentration of the underlying share. A figure is issued only after review of the specific holding.

BTenor

12–36 months

Typical terms run from one to three years, with renewal and early-repayment mechanics agreed in the documentation.

CInterest

Fixed or floating

Interest may be fixed or floating, and either serviced periodically or rolled into the structure for the life of the loan.

DRecourse

Recourse profile

Non-recourse, limited-recourse, or full-recourse, depending on the structure and the collateral. See recourse profiles in Thailand.

EEligible collateral

SET · mai · NVDR

Shares held on the local board or the foreign board, and holdings held as Non-Voting Depositary Receipts where foreign limits apply.

FMinimum size

From THB 30M

Transactions are typically structured for positions valued from THB 30 million upward, with no defined upper bound.

04 · Mechanics

TSD · custody · corporate actions

How the pledge works in Thailand.

A SET position is not generic collateral. Thai depository mechanics, custody, and corporate-action handling all sit at the centre of how a stock loan is built.

01
Held at the depository. Your shares stay in your own account at a designated custodian and are held in book-entry form at the Thailand Securities Depository (TSD), the central depository for SET- and mai-listed securities; the lender's security comes from its rights over that account.
02
Custody fits the structure. Custody arrangements are matched to the agreed structure and recourse profile, with the collateral held in a manner appropriate to both.

03
Margin & top-up, documented up front. Any margin maintenance and top-up mechanics are defined at the outset, so the rules of the term are clear before funding.
04
Corporate actions & dividends. Treatment of dividends, rights, and other corporate actions is set out in the documentation and aligned to how the position is structured.

05 · Disclosure

SEA B.E. 2535 · Form 246-2

Disclosure is a matter for your Thai counsel.

Disclosure questions belong with your own Thai counsel — engaged in parallel from the outset.

Disclosure obligations turn on the shareholder's status and the size of the position, and Thai securities law sets out reporting requirements that can apply when holdings change. Whether any of these are engaged by a particular pledge structure is a question of law in each case.

Any disclosure or regulatory obligations are a matter for your own Thai legal counsel, engaged in parallel; we act as arranger and introducer and do not provide legal or regulatory advice.

This is a general description, not legal advice. Specific obligations are confirmed by your own Thai counsel as part of each transaction.

06 · FAQ

Common questions

Stock loans in Thailand, answered.

01What is a Thailand stock loan?

A Thailand stock loan is financing secured by a pledge of shares listed on the Stock Exchange of Thailand (SET) or the Market for Alternative Investment (mai). You pledge listed shares as collateral to draw cash, while keeping beneficial ownership, the full economic upside, and — subject to structuring — your dividends and your vote. On repayment, the pledge is released and the shares return to you in full. Unlike an outright sale, the position is never given up.

02Who is a stock loan for?

Typical borrowers are founders and controlling shareholders of SET-listed companies, major individual shareholders, family holding companies, listed corporates with treasury or strategic equity, and pre-IPO or lock-up holders who need interim liquidity before they are free to sell. The common thread is a meaningful, long-term Thai-listed position the holder would rather keep than unwind.

03What LTV, tenor, and interest apply?

Indicative LTV varies with the liquidity, volatility, free float, and concentration of the specific share, and is issued only after review of the actual holding. Tenors are typically 12 to 36 months. Interest may be fixed or floating, and either serviced periodically or rolled into the structure. Recourse can be non-recourse, limited, or full, depending on the structure and collateral.

04Which Thai shares are eligible as collateral?

Eligibility is assessed case by case across SET Main Board and selected mai-listed equities. Relevant factors include free float, average daily trading value, market capitalisation, sector, and shareholder concentration, as well as whether the holding is on the local board, the foreign board, or held as NVDRs. Transactions are typically structured from THB 30 million upward.

05How is the pledge held and what about dividends?

Your shares are deposited into your own account at a designated custodian and held in book-entry form at the TSD. The lender's security comes from its rights and control over that account — not from transferring the shares — so you remain the account holder and beneficial owner throughout the term. Margin and top-up mechanics, the treatment of corporate actions, and dividend handling are all documented before funding, so the terms of the position are clear for the life of the loan.

06Does pledging my shares trigger disclosure to the SEC?

It depends on your status and the size of the position. Any disclosure or regulatory obligations are a matter for your own Thai legal counsel, engaged in parallel; we act as arranger and introducer and do not provide legal or regulatory advice.

Find out what your SET position can raise.

Share the high-level details and a senior principal will return indicative terms — confidentially, usually within 2–3 business days.

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