BOI likely to miss target for investment applications
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The Board of Investment might miss the target for investment applications of Bt1 trillion this year.
Investment applications are on track to hit Bt900 billion after reaching only Bt757 billion during the first 10 months, Udom Wongwiwatchai, secretary-general of the BoI, said yesterday.
Next year should see projects worth at least Bt900 billion apply for investment privileges. The current political conflicts, if there is no violence, would not sabotage the investment climate, he added.
UNITED AIRLINES CANCELS
TOKYO-BANGKOK FLIGHTS
United Airlines is dropping some flights within Asia, including Tokyo-to-Bangkok, and using a smaller plane for Tokyo-to-Seoul. It will still connect passengers on those routes through partner All Nippon Airways.
As part of the cost-cutting measures, United is adjusting where it flies. In March it will stop flying between Seattle and Tokyo under intense pressure from Delta Air Lines. United will instead add a second daily flight to Tokyo from its biggest hub, Houston. |– Associated Press
RP GROUP EYES BIGGER
STAKE IN THAI FIRM
The group of businessman led by Manuel Pangilinan is keen on hiking its minority stake in the operator of a toll road in Bangkok, as it seeks to diversify its presence outside the Philippines amid regulatory uncertainties, a top company official said yesterday.
David Nicol, chief financial officer of Metro Pacific Investments Corp, said “an overseas push is indeed part of the strategy” after “disappointing” developments with Philippine regulators relating to its water distribution and toll road businesses.
That opportunity came via Thailand’s Don Muang Tollway Plc, which has a 27-year concession ending in 2034 to operate a 21.9-kilometre elevated toll road that runs from central Bangkok to the northern part of the city.
Metro Pacific and parent firm First Pacific Co said on Friday they formed a 75:25 joint venture called FPM Infrastructure Holdings to acquire 29.45 per cent of Don Muang Tollway for 5.8 billion pesos (Bt4.2 billion).
The venture is Metro Pacific’s first direct investment overseas and the prospects of the Thai toll road made it attractive enough for the group to want a bigger stake, Nicol said.
“We would consider increasing our holding if further shares were on offer although nothing is imminent,” Nicol said. He also noted that the group remained open to new investment opportunities in the Philippines.
The other major shareholders of Don Muang Tollway include Phanichewa Group with 37.1 per cent and Thailand’s Finance Ministry with 25.1 per cent.
“We think the business has a great management team. In particular, we like the concession as all future tariff increases are set – no regulatory approvals or delays – we just publish and change on the agreed upon dates,” he added. – Philippine Daily Inquirer/ANN
