Briefs

PTT Exploration and Production is calling for huge recapitalisation through the issuance of 650 million shares, which based on the latest closing price are valued at Bt107.6 billion.
The recapitalisation is expected to raise funds for the takeover of UK-based Cove Energy. PTTEP has bid to buy a stake in the company for US$1.9 billion (about Bt60 billion).
PTT said in a statement that it would subscribe for 403.4 million shares to maintain its 65.29-per-cent holding in the flagship company. It said the public offering price would be determined by a book building.

KRX helps SET
The Stock Exchange of Thailand says it has introduced an operations master plan and agreement to have the Korea Exchange (KRX) help develop its clearing and settlement system, as part of the SET’s commitment to expand services and strengthen capabilities for investors and other market participants.
To create a more efficient clearing system, SET’s board has chosen KRX to help improve the system for equities, derivatives and bonds traded in Thai capital markets. These changes are expected to boost the Thai bourse’s capacities to be comparable to global leading clearing houses, as put forth in its IT master plan.
In addition, the operations master plan, as advised by leading global management consulting firm Oliver Wyman, has been introduced to strengthen its operations, covering trading operations and depository, registrar, and clearing and settlement services. The master plan spans five years (2012-2016).

IVL in Nigeria
Indorama Ventures’ first investment in Africa has commenced commercial operations, boosting IVL’s annual production capacity for polyethylene terephthalate (PET) by 75,000 tonnes.
In a filing to the Stock Exchange of Thailand, IVL said the solid-state polymerisation PET plant in Nigeria, owned by Indorama PET (Nigeria) Ltd, an indirect subsidiary, commenced operations on Thursday.

CAWOW sues landlords
California Wow Xperience (CAWOW), a fitness-club operator, has filed for permission from the court to sue the landlords of its clubs for actions it says led to damage to its business and that of its spa sub-tenant, including the shutting off of the power supply to some of its clubs.
The individual lawsuits name Major Cineplex Property Co, Siam Future Property Co, Siam Future Development Public Co, Petchpinklao Co, and Ratchayothin Realty Co as defendants. The damages cited by all the separate lawsuits total more than Bt370 million.

SCB profit jumps
Siam Commercial Bank has announced quarterly net profit of Bt10.07 billion, a 24-per-cent increase from the second quarter of last year.
The bank witnessed higher net interest income on the back of robust loan growth, strong insurance-premium income and higher net fee and service income. Its net interest income increased by 20.9 per cent to Bt15 billion, an all-time high for the bank.
Loan growth in the quarter was 20.2 per cent year on year. Finally, the net interest margin at 3.22 percentage points was better than expected and much higher than in the first quarter. Meanwhile, its non-interest income rose 19.4 per cent year on year.
At the end of June, non-performing loans stood at 2.25 per cent of outstanding loans.

Used car show
Grand Prix International yesterday opened its fourth “Bangkok Used Car & Imported Car Show” that will display more than 10,000 pre-owned vehicles and imported automobiles from 30 dealers.
Being held at Challenger 2-3, Impact Muang Thong Thani, until July 29, the fair is expected to generate more than Bt27 billion in sales. – The Nation