UPDATE 1-Thai builder Ascon sets $2.7 mln rights issue

* Subscription period Jan 25-29

* Proceeds for working capital, expansion (Adds subscription period, details)

BANGKOK, Nov 26 (Reuters) - Thai builder Ascon Construction PCL ASCO.BK said on Thursday it planned to raise 90 million baht ($2.7 million) through a rights issue.

It will offer 30 million new shares to existing shareholders at a ratio of one for every 10 shares held at a price of 3.0 baht a share.

Ascon shares were down 1.9 percent at 4.12 baht at 0436 GMT while the main Thai stock index .SETI was down 0.6 percent.

The subscription period for the rights issue runs from Jan. 25-29, 2010, Ascon said, adding that the funds would be used for working capital and to strenghten its financial standing for future expansion.

It told the stock exchange it would also issue an additional 3 million shares for a warrant exercise.

Ascon is a small construction contractor valued at $38 million on the bourse.

In June, a joint venture in which it is involved put in the lowest bid to build maintenance and parking facilities for Bangkok's 36 billion baht "purple line" mass transit project. ($1=33.11 Baht) (Reporting by Viparat Jantraprap; Editing by Alan Raybould) ((viparat.jantraprapaweth@thomsonreuters.com; +66 2 648 9733; Reuters Messaging: viparat.jantraprapaweth.thomsonreuters.com@reuters.net)) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com))