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SEC allows multiple unit classes for existing funds
The Securities and Exchange Commission (SEC) is now allowing existing mutual funds to offer multiple classes of investment units and classification of investment units by currency.
Secretary-General Vorapol Socatiyanurak said that previously, only newly established mutual funds were allowed to offer multiple classes of investment units, but now this has been extended to other existing funds.
In addition, asset-management companies can offer multiple classes of investment units classified by currency. The revision aims to allow more flexibility for the asset-management business, broaden business opportunities, and provide a wider variety of choices for investors, all of which will contribute to the development in Thai capital market, the commission says.
In this regard, the multi-class structure offered by existing mutual funds must not prejudice the right of existing unit holders. Details of the proposed structure must be defined in the amended investment fund scheme, such as classes of investment units, right and return of each class, and fees or other expenses payable by unit holders of each class, which must conform to each class of investment unit.
Mermaid bags deal
Mermaid Maritime, a leading provider of subsea and drilling services for the offshore oil and gas industry, has secured a drilling contract with an international upstream oil and gas company for its tender assist drilling rig, MTR-2.
MTR-2 will be deployed to Indonesia to provide drilling and related services for the client’s offshore oil and gas fields. The contract, which is scheduled to commence this month, is for a two-year term, with a potential value of about US$72 million (Bt2.1 billion).
Mermaid’s acting CEO, Chalermchai Mahagitsiri, said exploration and production activities continued to gain momentum in the region and the outlook for oil prices in the medium term remained strong.
Mermaid recently announced plans to purchase new-build drilling rigs to serve clients in Asia and the Middle East.
Loparex plant opens
Loparex, a leading global manufacturer of silicone-coated papers and films, recently celebrated the soft opening of its new factory at the Hemaraj Eastern Seaboard Industrial Estate.
The 35,000-square-metre facility will serve as an additional service hub for Loparex to expand its sales and technical service resources to its widespread customer base.
The world-class facility was planned and announced in 2011. The firm has a diverse portfolio of release liners for a range of industrial applications including automotive, electronics, appliances, composites, hygiene, medical, graphics etc.
Bangchak, Big C sign mutually
Bangchak Petroleum and Big C Supercenter yesterday signed a comprehensive “mutually exclusive” agreement that will lead to the opening of Mini Big C stores at Bangchak fuel stations, as well as the opening of Bangchak’s car-wash facilities and coffee shops in Big C complexes.
The agreement lays the foundation for the opening of up to 500 Mini Big C stores at the fuel retailer’s stations by 2018.
It also provides opportunities for synergising other businesses of Bangchak and Big C, such as loyalty programmes, fuel service for Big C’s supply chain, and Inthanin coffee shops and Green Wash car washes in Big C stores.
Vichien Usanachote, president of Bangchak Petroleum, said the company plans to open 20 large stations as well as stations for trucks on major highways this year.
It will also rebrand 400 existing stations and increase the number of outlets for E20 (gasohol that is 20 per cent ethanol) to 700 stations, and to 100 stations for E85.
Praphan Eamrungroj, executive vice president for properties at Big C Supercenter, described the agreement as instrumental in helping Mini Big C reach the target of 950 stores by 2016.
“In the future, for the first time, Mini Big C franchises will be offered to operators of Bangchak petrol stations. In addition, today’s agreement lays the foundation for Big C to synergise our retail business with Bangchak’s energy business for maximum value and convenience for our customers,” said the executive.
Aeon unit renamed
Aeon Credit Service, which holds 35.12 per cent in Aeon Thana Sinsap (Thailand), has resolved its transition to a holding company and changed its name to Aeon Financial Service, effective this past Monday.
Since last year, Aeon Thana Sinsap has expanded its business both domestically and overseas by acquiring 99.99 per cent of two insurance brokers, and one debt-collection service, as well as establishing wholly owned subsidiaries in Laos and Myanmar.
The company also increased brand awareness by issuing a platinum co-branded card with Thai Airways International, and raised Bt5 billion in cross-border syndicated funding last November to support business expansion.
