Briefs

Thai shares and the baht weakened yesterday, amid investor disappointment over lack of further stimulus measures from the US Federal Reserve Board and the Central European Bank.

The Stock Exchange of Thailand Index ended the day at 1,197.53 points, losing only 3.60 points or 0.30 per cent, on turnover of Bt25.6 billion. Other Asian stocks also fell, as European Central Bank President Mario Draghi refrained from taking immediate measures to tackle the region’s debt crisis, merely signalling the possibility of a government bond-buying programme. The MSCI Asia-Pacific Index of shares fell for a third day.

US central bankers led by Ben S Bernanke concluded their two-day meeting Wednesday saying they "will provide additional accommodation as needed" to bolster the expansion. The Federal Open Market Committee also said it will "closely monitor" economic data and financial developments, suggesting it is focused on the economy’s near-term performance.

"The fact that they failed to provide any immediate action was a disappointment for the market," Shigehisa Shiroki, chief trader on the Asian and emerging-markets team at Mizuho Corporate Bank Ltd in Tokyo told Bloomberg. "China’s condition remains sluggish. It’s hard to be aggressively buying Asian currencies until China recovers."

The baht weakened 0.4 per cent from Wednesday to 31.60 per dollar in the afternoon in Bangkok. The currency declined 0.3 per cent this week.

Dow starts making encapsulant films

Dow Chemical kicked off the production of its polyolefin encapsulant films at Map Ta Phut on August 1, to cash in on growing demand for solar power.

"We’re thrilled to have this capacity come on stream," said Jerry Pritchett, global business director for the performance plastics photovoltaic business. "Market demand for these innovative encapsulant films remains very strong, and this new production capacity will enable us to meet the needs of this fast-growing sector."

"The Map Ta Phut operation has been built with the latest energy efficiency techniques and supports our strategy to further enhance and expand our presence in Thailand," said Jirasak Singmaneechai, Thailand Country Manager. The new production facility has created approximately 35 new jobs, which brings the total number of employees in Thailand to close to 1,000, nearly doubling the number of people working for the firm here in the past four years. Thailand is home to Dow’s largest manufacturing operations in the Asia-Pacific region. Dow has had a presence in Thailand for more than 45 years, and has operated manufacturing sites here since 1978.

The films are for use in photovoltaic solar panels. The Map Ta Phut facility immediately doubles Dow’s global production capacity. Dow is also constructing a third manufacturing site for this film in Schkopau, Germany, which will also bring additional capacity. Dow has had a production facility in Findlay, Ohio, since December 2010.—The Nation

Siam Amaco files for IPO

Siam Amaco Holdings Plc has submitted an initial public offering (IPO) filing to the Securities and Exchange Commission to sell 65 million shares before listing on the Market for Alternative Investment (MAI). Globlex Securities is its underwriter.

Globlex believes the property developer is expected to receive a warm welcome, with its business focus on low-rise condominium development, with no more than 50 units per project and selling price below Bt40,000 per square metre. Its small size means a short period to realise revenue, while its low selling price will win real demand.

TV Direct Plc, with Finansia Syrus Securities as underwriter, will also sell 57.92 million shares in the IPO.

TMB targets business owners

TMB Bank has launched the TMB Health Care Plus OPD 100% Sure product to cover outpatients, targeting owned-business operators, said Kanchana Rojvatunyu, executive vice president.

She said the bank had designed a new policy to cover all requirements of customers, while seeking to encourage the purchase of products to cover owned-business operators, freelancers and children as it seeks to penetrate the insurance market.

"We developed the protection for outpatients to help ease medical expenses. The TMB Health Care Plus OPD 100% Sure will cover those aged between 7 and 70 years, with maximum coverage of Bt30,000 per year. Policyholders are not required the advance payment for medical services.

The premium starts at Bt8,000, and TMB credit-card holders who want to buy the policy can pay three monthly instalments with zero interest rate.

She said the bank will reduce the renewal premium by 10 per cent of the first year premiums for customers who have no claims. — The Nation