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Chevron (Thailand) gets new country chairman
Chevron (Thailand) has announced the appointment of Salman Saadat as country chairman and general manager for products effective from August 1.
Saadat, who holds a master’s degree in business administration from the Institute of Business Administration in Karachi, Pakistan, joined Caltex in 1990 as the zone manager/marketing specialist and has held positions of increasing responsibility in marketing and lubricants in numerous countries. He comes to Thailand from his former position as Chevron’s area business manager for the Asia-Pacific region.
He has more than 20 years of experience in the area of marketing and profit-and-loss management across multiple businesses and geographies.
Fitch rates SCG debentures
Fitch Ratings (Thailand) has assigned Siam Cement’s new unsecured and unsubordinated debentures No 2/2013 due 2017 of up to Bt20 billion a national long-term rating of “A(tha)”. The proceeds will be used to refinance debt and fund future capital expenditures.
The notes are rated at the same level as SCG’s national long-term rating as they constitute direct, unsecured, unconditional and unsubordinated obligations of the company.
CIMB Thai exec appointed
CIMB Thai Bank has announced the appointment of Siriporn Ambhanwaong as executive vice president in the operations division.
Siriporn holds a bachelor’s degree from Chulalongkorn University and a master’s from Iowa State University in the US.
Before her appointment as executive vice president at CIMB Thai Bank, Siriporn was chief operating officer at Ayudhya Capital Services, Krungsri Consumer, and executive vice president of operations processing and services at Bank of Ayudhya. She has also worked for GE Capital Co, Standard Chartered Bank (Thailand) and Fulton Federal Savings and Loan Bank in the US in various leadership roles for the past 27 years.
SEC seeks input on GMS draft
The Securities and Exchange Commission is seeking public comment on draft amendments to the rules governing fund investment in the Greater Mekong Subregion (GMS) to a wider variety of investment choices. The consultation paper is available until August 20.
The SEC proposes to allow mutual funds, private funds, provident funds and accredited investor funds to invest in both listed and unlisted instruments of the GMS countries, namely Cambodia, Laos and Myanmar, currently not regulated by members of International Organisation of Securities Commissions or not traded on the member markets of the World Federation of Exchanges.
The proposal aims to enhance opportunities and choices for investors in the high-growth subregion with an appropriate protection. For example, an investment proportion will be set to suit each type of fund. Asset-management companies must make a cautious investment decision and conduct due diligence. In addition, information disclosure of instruments, associated risks and investment returns will be clearly and sufficiently included in prospectus.
The consultation paper is available on the SEC website, www.sec.or.th.
Big C, Commerce plan mega-sale
Big C Supercenter has teamed up with the Ministry of Commerce to hold a “Big C-Commerce Mega Sale” by putting more than 5,000 items on discounts of 20-70 per cent from August 16-21 at 137 branches of Big C Supercenter, Big C Extra, Big C Jumbo and Big C Market nationwide, said Kudatara Nagaviron, the company’s director of corporate affairs.
Pongsak insists no PTTEP bribes paid to win Myanmar concession
Energy Minister Pongsak Ruktapongpisal insisted yesterday that PTT Exploration and Production had not paid bribes in return for an exploration concession in Myanmar.
He said PTTEP had been doing business in Myanmar for more than 20 years and had paid concession fees as specified in the contract, without paying any extra sum to any person close to the government.
PTTEP’s financial results are regularly audited by the Office of the Auditor-General, he added.
Myanmar’s former energy minister, U Than Htay, was transferred to the Rail Transportation Ministry following controversial decisions over the awarding of exploration licences and production concessions.
Myanmar earlier this year awarded two deep-water blocks, MD-7 and MD-8, to PTTEP.
NBTC panel nod for revised info memorandum
The broadcasting panel of the National Broadcasting and Telecommunication Commission yesterday approved the revised information memorandum (IM) to be used in inviting potential participants in a “beauty contest” for a category-3 public digital terrestrial TV licence.
Committee chairman Natee Sukonrat said the TV channel operated under category-3 licensing would mainly be involved in the promotion of democracy and the broadcasting of parliamentary sessions.
Applications to take part in the beauty contest will open early next month, with the winner being announced by September 30.
The revised IM includes the assigned spectra for public TV service, the method of applying for a licence, the qualification criteria for applicants, the selection process, and licence terms, fees and conditions.
Parliament House will potentially become the country’s first public broadcaster under this category, as it currently operates its own Parliament TV satellite channel to televise key sessions of the National Assembly.
MInistry joins Phase II of Dow sustainability scheme
The Industrial Promotion Department of the Industry Ministry has joined with Dow Chemical Thailand to launch the second phase of the “Dow Chemical for Sustainable Industry” programme, which runs this year and next.
The programme promotes sustainable environment management and pollution prevention, and the “Lean Management for Environment” principle to create wider awareness and adoption.
The first phase, covering 2011 and 2012, successfully held 33 training sessions involving 2,300 certified participants from 843 organisations, 778 of them industrial and private businesses and the other 65 government bodies, said the director-general of the department, Sophon Pholprasit.
Wyncoast Industrial Park to buy Metro Motor Sales and Service
Wyncoast Industrial Park’s board has approved the purchase of Mazda vehicle-distribution centre operator, Metro Motor Sales and Service.
Metro Motor Sales and Service has two centres, both covering sales and servicing. Its revenue and net profit last year came in at Bt1.19 billion and Bt10.79 million, respectively, said Wyncoast.
Net foreign holding ofThai bonds slows
The net foreign holding of Thai bonds stood at Bt755 billion last Friday, versus Bt710 billion as of the end of last year, the Thai Bond Market Association said yesterday.
Ariya Tiranaprakij, executive vice president of the association, said foreign investors had slowed down their sales of Thai bonds last month and were adjusting their portfolios pending the clearer direction of the US quantitative-easing policy, the key factor potentially affecting the Thai and regional bond markets.
Last month, foreign investors in Thai bonds had an overall net-buy position of about Bt41 billion, selling long-term bonds worth Bt14.8 billion and purchasing short-term bonds worth Bt56 billion.
