Quick news

Sea Oil, a supplier of marine bunker fuel, yesterday set the indicated price of its 70 million initial public offering shares in the range of Bt3-Bt3.50 apiece.

Subscriptions will be taken from August 26-29, according to KGI Securities (Thailand), the lead arranger and underwriter. 

The Securities and Exchange Commission has given its nod to the company’s IPO filing.

The company has registered capital of Bt180 million at par value of Bt1 apiece. Of the IPO shares, 62.3 million will be floated to the public and the remaining 7.7 million will be reserved for board directors and executives of the company and those in its group at the same price offered to the public.

The company earned Bt41 million in the first six months of 2013, up 56.2 per cent year on year, on revenue of Bt1.32 billion, up 7.2 per cent. 

During the past three years, net profit rose 50.9 per cent on average each year, while revenue grew 31.50 per cent annually.

 

DTAC names new chief financial officer 

Fridtjof Rusten yesterday took up the post of chief financial officer of Total Access Communication (DTAC), succeeding Petter Furburg, who was recently appointed as CEO-designate of Telenor Myanmar.

Rusten has more than 23 years of experience in finance, marketing and strategy in the telecommunications and energy industries. Before joining DTAC, he was the CFO of Grameenphone and Telenor Hungary, where he also served as chief marketing officer. He also was a senior vice president of Telenor in Central and Eastern Europe.

 

DirectAsia.com sells insurance in Thailand 

DirectAsia.com has launched its online insurance business in Thailand. DirectAsia.com Thailand is a part of DirectAsia.com Group, headquartered in Singapore, where it launched an insurance company in 2010. It launched another in Hong Kong last year. 

DirectAsia.com accounts for 4 per cent of the private-car-insurance market in Singapore. 

DirectAsia.com is backing up its online business with a dedicated call centre so customers can buy and manage their policies over the phone or in person over the counter.