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SEC invites feedback on draft revision of disclosure rules
The Securities and Exchange Commission is seeking public comments on a draft revision to the rules governing preparation of financial statements, financial reports, and operating results of securities issuers. The proposed revision intends to simplify the rules and strike a balance between investors’ need for adequate information disclosure with respect to their investment decisions and the regulatory burdens of the securities issuers.
The SEC will also propose business-operation guidelines regarding corporate social responsibility and protection from corruption to promote sustainable development of the securities issuers.
We Retail CEO resigns
We Retail has announced that company director Kampol Tatiyakawee resigned from his position as chief executive officer with effect on Thursday, June 20.
However, Kampol will retain his position as director of the company, acting CEO Chainid Ngow-Sirimanee reported to the Stock Exchange of Thailand late on Thursday.
The company’s board of directors on May 8 adopted a resolution to appoint Chainid to act as CEO in place of Kampol with effect on June 20, until the nomination and remuneration committee and the board are able to appoint someone permanently to the post.
Impact builds storage facility
Impact has invested Bt30 million to build a new 3,150-square-metre storage facility to house tables, chairs and other meeting equipment as it pursues its revenue target of Bt3 billion for this fiscal year (April 2013-March 2014), managing director Paul Kanjanapas said.
Gold prices fall further
Local gold prices fell by Bt50 per baht weight yesterday, following seven adjustments as of 4.34pm.
According to the Gold Traders Association’s website, prices were cut four times, by Bt50 for each cut. However, they were raised three times, again by Bt50 each.
Gold bar is now sold at Bt19,100 per baht weight, and gold ornament at Bt19,400.
Rice deal with Manila eyed
Foreign Minister Surapong Towichukchaikul has proposed a direct trade of Thailand’s Hom Mali rice to traders in the Philippines.
At the fifth Joint Commission on Bilateral Cooperation in Manila, held for the first time after a six-year hiatus, he said this would help Thailand expand the market for the top-quality rice.
He expects that Thailand will quote about Bt45 per kilogram for the rice, against the quotation of Bt60 from Vietnam.
Aside from the rice issue, both parties discussed a possible joint disaster study, insurgence in Thailand’s deep South and disputes in the South China Sea. Thailand and the Philippines also signed three bilateral cooperation pacts.
Trader fined for using insider info
The Securities and Exchange Commission revealed that its settlement committee imposed a fine of Bt500,000 on Harnrit Hansen for using inside information to sell shares of LV Technology (LVT).
After a referral from the Stock Exchange of Thailand, the SEC probed the case and found that Harnrit had sold 711,300 LVT shares in a trading account of a juristic person where he is an authorised director and holds 99.98 per cent of its shares, taking an advantage over other investors due to the use of negative non-public information material to the LVT share price.
The said information was about LVT’s operational results in the first quarter of 2010 with a Bt37.65-million net loss, representing a Bt84.74-million or 179.95-per-cent decrease from Bt47.09 million in net profit in the first quarter of 2009. When compared with Bt22.12 million of net profit in the fourth quarter of 2009, it posted a Bt59.77-million or 270.21-per-cent decrease. The information was significantly different from the company’s previous records showing profit in every quarter during the previous three years (2007-2009). Harnrit had access to this inside information by virtue of his position as a LVT director at that time.
Harnrit’s action was deemed a violation of Section 241 of the Securities and Exchange Act BE 2535 (1992) and thus liable to penalties under Section 296 of the said act. As he agreed to enter the settlement procedure, the settlement committee imposed a fine on Harnrit in the amount of Bt500,000.
