Briefs
CPB sells stake in Christiani & Nielsen
CPB Equity Co, the major shareholder of construction contractor Christiani & Nielsen (Thai), or CNT, has unloaded its 51.98-per-cent stake to Globex Corporation and Victor Investment Holdings.
The 260.67 million shares were sold at Bt4 apiece, or a total of Bt1 billion, according to a filing to the Stock Exchange of Thailand.
The buyers will tender for the remaining shares from November 23 to December 29.
There was no information on Victor Investment Holdings.
In the statement, CNT said it was undergoing a change in the board of directors. Wanaree Chintakanant, Staporn Phettongkam and Vinai have tendered their resignations, with immediate effect.
Replacing them are Kirit Shah, Khushroo Kali Wadia, and Anumolu Ramakrishna.
Claims to be fast-tracked
The Office of the Insurance Commission (OIC) is trying to speed up the payment of claims by bringing in experts to assess flood damage.
After a discussion with the Federation of Thai Industries, Pravej Ongartsittigul, secretary-general of the OIC, said slow damage assessment was one of the two top concerns among industrialists, because of the large number of affected factories.
The other concern was the possibility of increased insurance premiums.
Pravej said that to speed up damage assessments, the OIC would seek assistance from experts in educational institutions and professional organisations such as the Engineering Institute of Thailand and the Association of Siamese Architects. They will work with those already registered with the OIC.
Then the OIC will approach the non-life insurance industry on the deployment of assessors.
On the matter of insurance premiums, he said these would be clearer when the government and the insured companies come up with clearer flood-prevention plans.
Pravej said there should be a “sub-limit” clause to limit claims on the insurers. Reasonable agreements on damage coverage and claims by insurers and the insured should ease the
situation.
Steel plant ‘progressing’
Sahaviriya Steel Industries (SSI) is set to recommission the furnace at its UK site on January 6, after additional refractory (heat-resistant lining) work and good support from stakeholders.
As a sign of support, Charles, Prince of Wales, recently visited the fully integrated iron- and steel-making facility.
Win Viriyaprapaikit, SSI Group chief executive, said the recommissioning of Sahaviriya Steel Teesside plant had received good collaboration from all stakeholders.
Phil Dryden, CEO of SSI UK, said the preparation for the resumption of production had shown progress. After inspection, SSI UK is in the process of refractory work in the furnaces.
The Sahaviriya Steel Teesside plant houses the second-largest blast furnace in Europe. It has an annual slab production capacity of 3.6 million tonnes. With the integration of the British plant, SSI is now Asean’s largest fully integrated flat steel producer.
