Briefs

Thai tycoon Charoen Sirivadhanabhakdi has again extended the deadline for his takeover offer for Fraser & Neave (F&N), presumably because of low acceptances and a possible counter-bid from a Singaporean property firm.
The offer of 8.88 Singapore dollars (Bt222) a share was to have ended yesterday – itself an extension from the original October 29 deadline – but will now run until November 22.
The announcement of the new deadline comes just a day after potential rival Overseas Union Enterprise (OUE) promised to make its intentions clear over F&N by November 15.
OUE, which flagged its interest in F&N last month, will either announce a firm intention to bid or rule one out by this date.
Charoen’s extension, which was announced by his investment vehicle TCC Assets, now places the close of his offer one week after the deadline for the OUE decision.
“The extension is good for shareholders as they can wait for OUE’s decision on November 15 before deciding whether to accept Charoen’s offer,” said DMG & Partners analyst Goh Han Peng. – The Straits Times, Asia News Network

Egat urged to cut
electricity cost
The Energy Ministry has ordered the Electricity Generating Authority of Thailand to conduct a study to reduce electricity cost in the future by relying more on low-cost fuel such as coal, and purchase of electricity from neighbours.
The country’s demand for electricity is estimated to surge to 70,000 megawatts in 2030 from 30,000MW at present.
Laos is ready to press ahead with the construction of the Xayaburi power plant, which will have a capacity of 1,220MW. The plant will begin feeding electricity to Thailand in 2019. Thailand is set to call bids from independent power producers for a combined capacity of 5,400MW late this year.

Asia Green in talks
for I’nesia coal mines
Asia Green is proceeding with deals to acquire several coal mines in Indonesia, believing the current drop in coal prices will smooth negotiations. The company recently set up a subsidiary in the country.
Panom Kuansataporn, managing director, said that if the deals are valued at less than Bt3 billion, no recapitalisation would be needed. He also expects coal demand to pick up soon, chiefly on stimulus measures in China after the appointment of a new leader. Annualised revenue for 2013 is expected to hit a record at Bt6 billion, up from the Bt4.5 billion to Bt4.7 billion forecast for 2012.
After staying above US$100 per tonne from September 2010 to May last year, thermal-coal prices have fallen steadily, to $83 as of November 7.

TTR to organise
roadshow in UK
The Thailand Trade Representative (TTR) will conduct a roadshow in the United Kingdom this month to sell rice and also seek market expansion in Africa and the Middle East.
Olarn Chaipravat, head of the TTR, said yesterday that he would accompany Prime Minister Yingluck Shinawatra on her UK visit from Monday to Wednesday next week. The TTR, together with the Foreign Trade Department and rice exporters, plan to arrange a rice-promotion activity under the “Thai Rice & Thai Select” concept at Tesco stores in London. The activity is aimed at promoting Thai jasmine rice and organic jasmine rice to win over more Asians living there.

Fluctuating price
hits Siamgas profits
Siamgas and Petrochemicals reported yesterday that its net profit plunged by 55 per cent to Bt484 million in the first nine months this year because of the fluctuating gas price. However, the company’s profits skyrocketed 1,439 per cent to Bt190.8 million in the third quarter.
The company also reported sales of Bt13.51 billion, up 35 per cent year on year, in the third quarter. In addition, sales in the first nine months rose by 25 per cent to Bt36.2 billion, said Jintana Kingkaew, deputy managing director.

Ananda plans share
sale to raise funds
Ananda Development plans to sell 1.33 billion new shares to raise at least Bt3 billion to pay back loans and develop residential projects located close to the mass transit system, president and CEO Chanond Rungkritya said.
He added that the company intended to raise the funds at the end of this year. -– The Nation