Briefs

PTT Exploration and Production is closer to taking over Cove Energy, as the British company’s shareholders have offered to sell 354 million shares to the Thai firm.

Stockmarketwire.com, referring to an announcement by the subsidiary PTTEP Africa Investment, said that number of shares represented 72.14 per cent of the total.

PTTEPAI has offered to buy the shares at 240 pence (Bt118) apiece, or a total of US$1.9 billion (Bt60 billion). At 9.35am London time, the share price was 238.5 pence.

Cove Energy share prices have skyrocketed after bids by PTTEPAI and Royal Dutch Shell. The latter company recently pulled out of the auction.

Meanwhile, PTTEP yesterday extended its tender offer period to July 31. The offer had been extended twice, from July 16 and from July 25.

Flight deal for students

British Airways announced that Thais purchasing the airline’s special student fares to the United Kingdom were entitled to an additional piece of checked baggage of 23 kilograms free of charge.

The student fare, from Bt25,500, is valid for purchase from now until December 31 for outbound travel until that date. This offer is open to any Thai with a valid UK student visa.

Call for palm oil import

The Commerce Ministry will propose to the National Palm Policy Committee the urgent import of 10,000 tonnes of crude palm oil soon to hold down domestic prices of palm oil after stocks have gradually dropped to less than 120,000 tonnes this month.

Commerce Minister Boonsong Teriyaphirom said Thailand needed to import crude palm oil as soon as possible, as buffer stocks had dropped to a critical level. Normally, the buffer stock of crude palm oil should not be less than 150,000 tonnes.

Moreover, the ministry plans to ask for a temporarily export suspension to ensure adequate domestic supply. Export of palm oil is normally 6,000 tonnes a month. – The Nation