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The Stock Exchange of Thailand is encouraging investors to study carefully TTL Industries’ information regarding the termination of textile production and employee layoffs. They should also follow up on the progress of TTL’ s new businesses.

TTL’s board of directors on Wednesday passed a resolution that the company will terminate its textile-production operations as of July 1 and look for new business.

The SET has told the company to file continuous reports on the progress of any new business considerations.

 

SCG ups stake in Myanmar

Siam Cement announced that its subsidiary SCG Trading Co had purchased 22 common shares in Siam Cement Myanmar Trading, representing 10 per cent of the total issued shares of SCMT, from Siam Commercial Bank. 

The total value of this transaction is Bt559,281, Siam Cement president and CEO Kan Trakulhoon reported to the Stock Exchange of Thailand yesterday.

 

OIL SANDS BUYOUT COMPLETE 

PTT Exploration and Production has taken full control of exploration sites in the Thornbury, Hangingstone and South Leismer areas of Canada’s oil-sands project, based on a partnership unit redemption agreement with Statoil Canada.

The agreement signed on January 30 was to restructure the ownership of the five areas of the Canada Oil Sands KKD Project in Athabasca, Alberta.

It was finalised on Wednesday that while the three areas will go to PTTEP, Statoil Canada will own and operate the other two areas – Leismer and Corner.

Subsidiary PTT Canada will also receive US$200 million (Bt6.6 billion) from Statoil Canada plus working-capital adjustment worth 238 million Canadian dollars (Bt7.2 billion). 

 

Record sugar output seen

Sugar production in Thailand, the world’s second-largest exporter after Brazil, will probably rise to a record in the year from November as higher returns spur farmers to boost plantings, according to Thai Sugar Millers Corp. 

Output may climb 6.3 per cent to 12 million tonnes by crushing 110 million tonnes of cane, said Sirivuthi Siamphakdee, a Bangkok-based spokesman for the group, which represents 51 millers. Shipments may increase to an all-time high of 9 million tonnes in 2015 from 8 million tonnes this year, he said, without giving estimates for sowing. 

Expanding supplies from Thailand may curb gains in prices of the raw variety traded in New York. Futures rallied 17 per cent from a three-year low in January on concern that dry weather may cut harvests from Brazil to Australia, the third- biggest shipper. Global demand may exceed output in 2014-15 after a surplus this year, Kingsman SA estimates. – Bloomberg