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Union Auction set to cash in on rising repossessions of used vehicles
Union Auction expects a greater number of repossessed vehicles, which will benefit the auction business, as it projects revenue this year to grow by 10-20 per cent from Bt352.26 million last year.
Managing director Akepittaya Eamkongake said sales of repossessed used cars this year were expected to rise to 38,000 units from 30,000 last year, adding that the outlook of more repossessed vehicles will help maintain its gross profit margin of 40 per cent. Union Auction, which will list on Market for Alternative Investment on August 9, expects its 110 million initial public offering shares to raise Bt220 million. It is not worried about the volatility of the market as the objective of listing is to create brand awareness, he said.
Company chairman Thepchai Sila said the company forecasts sales of used cars and motorcycles would be at least 100,000 units next year, a rise from the expected sales of 80,000 this year. Union Auction projects its revenue next year could grow by 20 per cent.
Bike sales see slow growth in first half
New motorcycle sales in the first half of 2013 rose by less than 1 per cent from the same period last year in line with the slowdown in consumption in the second quarter.
New motorcycle sales in the first six months were 1.106 million units compared with 1.097 million in the same period of 2012, said Suchart Arunsaengroj, director of AP Honda.
AP Honda sold 810,070 units or 74 per cent of the market, followed by Yamaha with 211,824 and Suzuki with 28,894. Sales in June were 190,336 units.
Suchart said total motorcycle sales by his and other companies this year now were expected to reach 2.1 million units, slightly down from the previous estimation.
General Engineering share sale
General Engineering’s board of directors approved the sale of 500 million new shares via private placement at the price of Bt0.83 apiece to ensure sufficient reserves for running the business in the future.
Subscriptions will be opened on August 15.
Five major exporters in bidding for govt rice
Only five companies have joined in the latest bidding for government-stockpiled rice, which opened yesterday.
The bidders are large rice-export companies: Thaifa (BE 2511), Capital Cereal, Chaiyaporn Food Products, Ponglarb, and Asia Golden Rice.
The results of the bidding will be opened on Monday.
The auction is for 152,836 tonnes of 5-per-cent white rice, which is set for export, and 200,762 tonnes of WBR A1 Super rice, which is set for selling for both exporters and domestic traders.
PTT board clears Pailin
The PTT board yesterday ruled that president and chief executive Pailin Chuchottaworn’s brief posting as an independent director of Singapore’s Fraser and Neave (F&N) did not violate the laws governing state enterprises, according to a PTT source.
The board deliberated for more than three hours before making the ruling. However, it asked PTT to send the case to the State Enterprise Policy Office to make a final decision on the matter.
Pailin accepted the invitation from F&N in February to be a director and stepped down in May. He has insisted that he did not violate any law.
Tax waiver sought
The Finance Ministry will propose to the Cabinet on Tuesday a bill to waive tax on lending transactions of village and community funds, according to a Cabinet source.
Under current law, such funds are regarded as juristic entities and their lending transactions are subject to taxation.
CPF debentures rated
TRIS Rating has assigned the rating of “AA-” to the proposed issue of up to Bt10 billion in senior debentures of Charoen Pokphand Foods.
At the same time, TRIS Rating has affirmed the company and current senior debenture ratings of CPF at “AA-”. The outlook remains “stable”.
The “stable” outlook reflects TRIS Rating’s expectation that CPF will be able to maintain its leading position in the dynamic agribusiness and food industry.
New tech drives PR
The global public relations industry has always been at the forefront of the implementation of new technology to serve the needs of their clients, the media and other stakeholders, nowhere more so than in Asia, said one of the region’s PR pioneers, Michael de Kretser, chief executive officer of Go Communications.
The digital age has taken competition in the public relations industry to a whole new level, because professional PR practitioners have raced to develop new skills and tools to fully exploit the massive opportunities that social and other digital media offer, de Kretser said in Bangkok.
