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SCG joint venture acquires 90% of Indonesia's Primacorr
Siam Cement Group is expanding its packaging-chain business by acquiring 90 per cent of Primacorr Mandiri, a producer of corrugated containers in Indonesia, as part of its stated vision of becoming a sustainable-business leader in Asean.
Kan Trakulhoon, president and chief executive of SCG, said yesterday that the deal by Thai Containers Group Co, a 70:30 joint venture of SCG Paper and Rengo Co (Japan), was valued at Bt395 million. TCG acquired 90 per cent of Primacorr, with the remaining 10 per cent owned by existing shareholders.
“SCG Paper focuses on two strategic chains, packaging and fibrous,” he said. “This investment in Primacorr by Thai Containers Group is part of the expansion in the packaging chain, and is SCG’s first strategic entry into the Indonesian packaging market, which is expected to grow rapidly, driven by both local consumption and foreign investment.”
With this addition, TCG’s production capacity will increase from 976,000 tonnes per year to 1,013,000 tonnes from its Asean production bases in Thailand, Malaysia, Singapore, Vietnam and Indonesia.
Court awards Bt5 billion plus interest to BECL
Bangkok Expressway has won a court case awarding it Bt5 billion plus interest.
The Central Administrative Court last Friday ruled that the Expressway Authority of Thailand has to share revenue with BECL for the period from November 13, 1992-September 2, 1993.
Exat has a month to appeal the decision.
Shinsei Koki to build Chon Buri plant
Shinsei Koki is purchasing eight rai of land in the Hemaraj Chonburi Industrial Estate.
The leading manufacturer of auto parts and accessories from Japan will build a plant to serve growing demand in the automobile industry.
It is a major supplier of Toyota.
LA Bicycle plans new showroom
LA Bicycle (Thailand) is opening another showroom at Image Mall on Buddha Mondhon Fourth Road to cash in on the growing interest in biking.
“Our member base should expand after the showroom opens on November 15,” managing director Surasit Tiyawatcharapong said yesterday.
The 1,000-square-metre showroom follows the city showroom in Soi Lang Suan.
At the Culture Cyclist Shop, which requires an investment of Bt40 million, bicyclists can check out the latest models and accessories, seek maintenance services and training, and pick up nutrition tips for the sport.
The company is a major bicycle maker and exporter.
“Preparing to be a bike hub after the Asean Economic Community is necessary. Our focus is to expand the local customer base, and if opportunities prevail, we would like to expand our branch network overseas,” he added.
BOT, traders back farm-produce standard
The Board of Trade of Thailand is cooperating with five leading modern traders to promote the ThaiGAP (good agricultural practice) certification standard and safe food trading in the domestic and export markets.
The retailers are Tesco, Siam Makro, 7-Eleven, Big C and Thai Retailers Association.
Isara Vongkusolkij, BOT chairman, said the agreement signed yesterday will ensure food safety standards for consumers. It will help farmers adopt international standards for production quality. It will expand exports of crops.
ThaiGAP is a voluntary standard that encourages farmers to upgrade their production system to meet GlobalGAP.
This will help ensure access to overseas markets amid rising non-tariff barriers, including food safety inspections.
Govt Housing Bank offers high-interest savings account
The Government Housing Bank will introduce a special savings account featuring the highest interest rate in the industry to celebrate its 60th anniversary.
Depositors will gain a bonus of 2.6 percentage points for four months. Since the existing rate is 2 per cent for savings, those who open this account will earn 4.6 per cent per annum in total.
The minimum deposit is Bt10,000 and the maximum Bt600,000. Interest paid is not subject to withholding tax if it is no more than Bt20,000 per year. The promotion runs from September 27 to October 4.
New CIMB Thai unit names VP
CIMB Thai Bank has appointed Pornchai Padmindra as senior executive vice president in charge of the wholesale banking group.
This is a new unit set up to merge two groups responsible for corporate and investment banking.
August sees 43 project launches
August witnessed the launch of 43 residential projects comprising some 11,486 units worth a total of Bt40.37 billion.
This was up 38.7 per cent, 91 per cent and 102 per cent respectively from July, according to a survey by the Agency for Real Estate Affairs.
The research shows that the popular locations are Phaholyothin, Chaeng Wattana, Ramindra, Tiwanond, Ratchaphruek, On Nut and Rama II roads.
Cabinet agrees nearly Bt3 bn for SRT free-ticket service
The Cabinet yesterday approved a budget of Bt2.967 billion to support the free-ticket service of the State Railway of Thailand (SRT) for the next fiscal year, which begins on October 1. The agency’s initial request was for a budget of Bt5.054 billion.
SCBAM will need juristic entity to seek True fund licence
The telecom panel of the National Broadcasting and Telecommunications Commission yesterday approved in principle that SCB Asset Management will have to set up a juristic person to apply for a telecom licence to operate the planned infrastructure fund of True Corp.
The watchdog will inform SCBAM of its decision soon.
True will set up the fund for raising at least Bt70 billion to repay debt and finance its expansion. The plan includes the sale to the fund of telecom assets and the rights to income from equipment rental.
NBTC today considers responsibility for libel suit
The National Broadcasting and Telecommunications Commission will today consider whether the libel suit against an academic and a TV journalist should be deemed to have been filed by individual commissioners or by the agency itself.
Commissioners Prawit Leesatapornwongsa and Supinya Klangnarong had proposed that the board be responsible for making the decision, their reasoning being that the four members of the telecom committee had filed the suit.
However, a statement – indicating that the libel suit was intended to protect the NBTC’s integrity – was issued on behalf of the regulator as a whole, although the issue had never been reviewed by all of the commissioners.
