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Big Tree Asset to focus on central business districts
Property firm Big Tree Asset Co plans to launch one or two new residential projects, worth at least Bt1 billion each, to cash in on demand in the central business districts.
Tree Condo Prasarnmitr on Sukhumvit Soi 23, the first condominium project with a budget of Bt1 billion, will cost Bt110,000 per square metre or Bt3.5 million to Bt25 million per unit. Construction will start in April next year and will be completed by the end of next year, according to managing director Kasemsarn Kiengsiri said.
Following launch of the project, the company targets Bt500 million in total revenue in 2014, compared with Bt100 million this year.
True plans bond issues with high returns
True Corporation will issue new debentures with attractive returns, totalling not more than Bt6 billion.
The company will offer two choices: one-year debentures with a fixed interest rate of 4.70 per cent per annum and two-year debentures with a fixed interest rate of 4.95 per cent per annum.
The debentures will be priced at Bt1,000 per unit with interest payments every three months until maturity. Subscriptions can be made at Bangkok Bank, Krung Thai Bank and Siam Commercial Bank from November 11 to 14.
The company’s chief financial officer, Noppadol Dej-Udom, said the Securities and Exchange Commission of Thailand (SEC) had approved the issue and sales of the unsubordinated and unsecured debentures with a bondholders’ representative.
Tris Rating Co has rated the debentures at BBB-. Proceeds of the debentures will be used for repayment of existing debts and as working capital to support product and service development to meet growing market demands and customer requirements.
New agent for CNH Industrial
CNH Industrial will resume marketing and distributions of its construction equipment brands in Southeast Asia and Taiwan, through its affiliate CNHI International, in place of Kobelco, following changes to the agreement between CNH (now CNH Industrial, after the merger of CNH and Fiat Industrial) and Kobelco Construction Machinery.
The companies have signed an agreement transferring direct control and full management of the Case Construction Equipment and New Holland Construction distribution networks in these markets to the newly formed CNH Industrial.
CNH Industrial also plans to open a new regional office in Singapore to provide services and support to its business in Southeast Asia and Taiwan.
Egat to invest Bt2 bn for plant conversion to diesel
The Electricity Generating Authority of Thailand plans to spend Bt2 billion to convert the Chana power plant to diesel next year.
Soonchai Kumnoonsate, director-general of Egat, said yesterday that the Chana power plant was designed to use only natural gas but it will face the risk of a fuel shortage when the gas field in the joint development area between Thailand and Malaysia has to close for repair from 2014-15.
This will directly impact the plant that supplies electricity to the South.
“We have to invest to convert the Chana power plant to use diesel.
“That will help us to maintain power supply to the South of Thailand,” he said.
Warps off Mazda’s CX-5
Mazda Sales (Thailand) has taken the wraps off the CX-5, the first of what carmaker calls its sixth generation of design concepts, to boost market demand.
Marketing director Sureethip La-Ongthong expects a warm response in the Thai market where sport utility vehicles are popular. The company targets to sell 10,000 units of the model per year. Prices start at Bt1.2 million.
Last year, Mazda sold 98,000 SUV and pickup trucks, up 80 per cent from the previous year.
PTT Global Chemical thrives
PTT Global Chemical Plc reported a 130-per-cent increase in net profit to Bt9.61 billion in the third quarter of this year from the second quarter thanks to the crude oil price rising to an average US$106 per barrel.
The aromatic business showed an average gross margin of $260 per tonne in the third quarter of this year, lower than $325 per tonne in the second quarter.
Rice-trading countries unite
Thailand and five other rice trading countries in Asean have drawn up a plan to establish a federation to ensure sustainable growth of their industry and to stabilise prices in the world market.
The move follows the recent meeting on rice cooperation among Thailand, Cambodia, Laos, Myanmar and Vietnam.
Deputy Commerce Minister Yanyong Phuangrach said yesterday that the rice federation should be set up in the near future so that rice trading would have more efficiency to promote farmer income in the region.
The federation should also prevent dumping and help develop a trading and logistics system.
Asean is the world’s major rice supplier, accounting for 20 million tonnes out global trading volume of 30 million tonnes per year.
