News feed

Rice exports dropped by 1.8 per cent in volume to 4.64 million tonnes in the first nine months of the year, the Thai Rice Exporters Association reports.

The value was also down 3.8 per cent year on year to Bt96.4 billion. 

Major export markets were Iraq with 661,722 tonnes, followed by Benin at 631,056 tonnes, the United States at 276,669 tonnes, South Africa at 262,641 tonnes, and Ivory Coast at 225,366 tonnes.

The association also reported that the price of Thai rice had dropped continuously to the lowest level in three years, while the price of rivals’ rice had increased. 

For the rest of the year, the association expects average shipments to be around 550,000-600,000 tonnes a month.

 

Printing industry expects 15% growth in 2013 to Bt400 bn 

The Thai Graphic Arts Suppliers and Manufacturers Trade Association (Thai Gasma) expects 15-per-cent growth in the printing and printing-equipment industry to Bt400 billion this year, from Bt350 billion last year. 

It credits this to the growing demand for printing technologies and equipment from international firms that have been expanding their business in this country, particularly in consumer products. 

Chaiwat Harnsomwong, president of Thai Gasma, said the industry had grown by 15 per cent in the first three quarters, and predicted that this level of growth would continue in the current quarter. 

The market value of printing machines, equipment and technologies will exceed Bt400 billion by the end of this year, he said.

 

VAT rate to remain 7% as tax collection stays on target 

The Finance Ministry has decided not to increase the VAT (value-added tax) rate as income from tax collection is still on target.

Deputy Finance Minister Benja Louicharoen said the VAT rate would remain at 7 per cent for the whole 2014 fiscal year.

She said the government was reluctant to raise the VAT rate as doing so would have a direct impact on the cost of living. 

Benja said many parties had expressed concerns that the government should collect enough revenue to fund future investments and expenditures. The Finance Ministry, however, wants to confirm its tax collection is on target.

 

Filter Vision debuts on Market for Alternative Investment  

The Stock Exchange of Thailand has welcomed Filter Vision to its Market for Alternative Investment. The company started trading yesterday under the ticker symbol “FVC”. 

SET senior vice president Paveena Sriphothong said FVC was a distributor of water-treatment systems and related equipment, including design, assembly, installation, and maintenance. Its three main customers are the commercial and residential group, the industrial and OEM (original equipment manufacturer) group, and the medical-services group. 

FVC has a paid-up registered capital of Bt100 million, with a par value of Bt0.50 each, consisting of 140.8 million existing common shares and 59.2 million newly issued shares. 

The new shares were offered to the general public through an initial public offering on October 17, 18 and 21, at Bt1.20 per share, for a total of Bt70.39 million. Country Group Securities is the company’s financial adviser and underwriter. 

Dr Wijit Techakasem, managing director of FVC, said funds raised would be used for working capital, strengthening the business, and expansion to cope with growing customer demand. 

FVC’s three major shareholders after the IPO are the Techakasem family (54.62 per cent), Siriphong Vongvuttipornchai (7.15 per cent), and Tanapat Tantiwattanawijit (4.07 per cent). 

The IPO price had a price-earnings ratio of 16.61 times, calculated using earnings over the last four quarters (from the third quarter of 2012 to the second quarter of this year), divided by the number of fully diluted shares, equivalent to earnings per share of Bt0.07. 

The company’s dividend policy is to pay no less than 50 per cent of net profits after corporate taxes and reserves.