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SEC denies rumours of bundling of Pace Develoment, MK Restaurant's IPO shares
The Securities and Exchange Commission yesterday shot down rumours that an underwriter had bundled the initial public offering shares of Pace Development Corporation and MK Restaurant Group.
“The SEC has made an inspection and found no such case,” said Vorapol Socatiyanurak, secretary-general of the SEC.
Usually, bundling stocks for sale is an infringement of the SEC’s regulations for the brokerage business.
Investors have their own right to make a purchase decision of any shares, he said, adding that if they suffer damage, complaints or requests for additional information can be made to the SEC.
The regulator insists that it will cancel the criteria for the establishment of property funds by the end of this year, while turning to promoting the establishment of real estate investment trusts, he said.
Property funds have been promoted with tax privileges after the 1997 financial crisis and such promotion should be temporary, he said.
ThaiBev suffers 11% fall in 2Q sales, quarter’s profit declines 6.1% to Bt4.87 bn
Thai Beverage recorded a drop of 11 per cent in sales to Bt36.83 billion in the second quarter of this year from Bt41.37 billion in the same quarter of last year.
ThaiBev’s second-quarter net profit also declined 6.1 per cent to Bt4.89 billion from Bt5.2 billion.
The company’s financial costs rose from acquiring shares of Fraser and Neave.
PTTEP posts 24% surge in first-half net profiton sales increase
PTT Exploration and Production yesterday reported an increase of 24 per cent in first-half net profit to US$1.04 billion (Bt30.9 billion) from the same half last year.
Recurring profit was $1.12 billion before deducting the loss from non-recurring items of $79 million to arrive at net profit.
Tevin Vongvanich, president and CEO, said the average sales volume from January-June was 292,102 barrels of oil equivalent per day. Revenue was higher because of increased sales volumes from the Bongkot, S 1 and Vietnam 16-1 projects.
PTTEP will pay an interim dividend of Bt3 per share on August 23.
The entire amount is from net profit under the Petroleum Income Tax Act.
The company’s performance in line with its ability to increase its average petroleum sales volume by 9 per cent over last year to 300,000-310,000boed, he said.
Japan suggests talks with Thailand, Myanmar over Dawei project
Japan has suggested holding joint discussions with Myanmar and Thailand if it is to invest in the Dawei Special Economic Zone, according to officials.
Japan is already investing in various infrastructure projects in Yangon, notably in the construction of the Thilawa SEZ.
President Thein Sein invited Japan to invest in the Dawei project in an official letter signed by ministers from Myanmar and Thailand on April 24.
“We are not inviting Japan to invest in Dawei SEZ’s business,” said Sett Aung, chairman of a committee looking into the rules and regulations of the Dawei project. “We have invited [it] to participate as a third-party country to share the benefits. Although we don’t know yet if [it] will participate or not, Japan will suggest the proposal to hold further tripartite discussions.”
A special meeting between Myanmar and Japan was held on July 9 and a similar meeting between Japan and Thailand occurred on July 11. Japan has expressed the need for all three countries to hold joint discussions if it is to participate in the Dawei project. – Eleven Media
Sansiri to issue 5-year debentures
Sansiri plans to issue five-year debentures worth Bt2 billion next week to support expansion this year and next, president Srettha Thavisin said yesterday.
The company’s first-half revenue rose 20.03 per cent to Bt12.88 billion from the same half of last year, while net profit dropping 48.78 per cent to Bt429.03 million.
Joint move on IPR violation
Thailand will cooperate with neighbouring countries – Cambodia, Laos, Myanmar and Vietnam – in drawing up an action plan to protect intellectual-property rights in each nation.
Pajchima Tanasanti, director-general of the Intellectual Property Department, said yesterday that the department would sign a memorandum of understanding with those countries so that each will suppress IPR violations on both sides.
The department recently signed an MoU with Vietnam and is set to sign one with Cambodia on Monday. It will also ink MoUs with Laos and Myanmar in the near future.
Under the action plan, Thailand and neighbouring countries will help suppress IPR violations, register for protection of IPR, prevent infringement, exchange experiences and knowledge for IPR crackdowns, and draft rules.
LH debenture rating affirmed
TRIS Rating has affirmed the company rating of Land & Houses and the ratings of its existing senior debentures.
It has assigned the rating of “A” to LH’s proposed issue of up to Bt4 billion in senior debentures. The outlook remains “stable”. The proceeds will be used for debt refinancing and expansion.
The ratings reflect the company’s leading position in the residential property development market, strong brand franchise and proven operating track record.
The company’s total assets at the end of last year stood at Bt65.1 billion, ranking it as the largest residential property developer listed on the Stock Exchange of Thailand.
Chuo Senko backs India unit
Chuo Senko (Thailand)’s board of directors has approved the company’s plan to invest in compulsory convertible debentures issued by its subsidiary in India, Chuo Senko Advertising India, worth 12.5 million rupees (Bt6.8 million).
The proceeds from the three-year convertible debentures will be used for the Indian company’s working capital.
The company is attracted to the positive advertising business outlook and the large market expanding in India. For the current situation, the subsidiary in India has a high possibility of acquiring a big project next year.
The company will subscribe to the convertible debentures because it needs to enter the Indian advertising business under a controlling interest, chief financial officer Kiichi Okuyama said in a filing to the Stock Exchange of Thailand yesterday.
