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Asean+3 agree to change status of Macroeconomic Research Office
The Finance Ministry has signed an agreement with other Asean countries along with Japan, China and South Korea to change the status of the Asean+3 Macroeconomic Research Office from a private company into an international organisation.
The objective is to increase AMRO’s efficiency in monitoring, assessing and reporting on the economic and currency situations of each member country and on risks to the financial stability of the region, said the ministry.
AMRO plays an important role in supporting the operation of the Chiang Mai Initiative Multilateralisation that was formed after the Asian financial crisis in 1997 as a safeguard against future crises.
Water park in Pattaya
Pattaya is hosting a new tourist attraction, the Cartoon Network Amazone water park, which opened its doors early this month. It boasts 30 world-class water rides and slides, live Cartoon Network entertainment shows, mascot meet-and-greets, and interactive water play.
Cartoon Network Amazone is Thailand’s first international water theme park, as well as a new home for Cartoon Network favourites such as the Powerpuff Girls, Ben 10 and Adventure Time.
The facility is operated under a licensing agreement between Amazon Falls, the developer of the water park, and Turner International Asia Pacific, the owner and operator of Cartoon Network.
MAI welcomes Forth Smart Service
The Market for Alternative Investment will list Forth Smart Service, a leading provider of top-up-machine services, today under the ticker symbol “FSMART”. The company has a market capitalisation at its initial public offering of Bt2 billion.
MAI president Prapan Charoenprawatt said FSMART was a subsidiary of Forth Corporation (FORTH), a company listed on the Stock Exchange of Thailand. It is using the capital market as a funding source to strengthen its financial status.
FSMART provides automatic top-up services for prepaid mobile phones, online games, international call and Wi-Fi PINs, and prepaid Internet accounts via its Boonterm machines. The company also offers franchises and cooperates with partners such as chain convenience stores, hypermarket stores and BTS Skytrain to provide its services. As of the end of June, the company had 37,311 machines.
It has a paid-up registered capital of Bt400 million, consisting of 600 million existing common shares and 200 million newly issued shares, with a par value of Bt0.50. Of the new shares issued, 96 million were offered to FORTH’s shareholders from October 1-3, and 104 million to the general public via IPOs at Bt2.50 each from October 6-8 for a total Bt500 million. Asset Pro Management Co is its financial adviser, with Finansia Syrus Securities as lead underwriter.
Somchai Soonswang, FSMART’s managing director, said the funds raised would be used to increase the number of kiosk machines, enabling broader access. The company believes that the variety of its services, easy-to-use devices and 24-hour call-centre service will boost its growth strongly and sustainably.
FSMART’s three major shareholders after the IPOs are FORTH (45.75 per cent), Amatanon Group (6.47 per cent) and Monthip Withayakorn (5.23 per cent).
Muntajat opens office in Bangkok
Muntajat BV, a wholly owned subsidiary of Qatar Chemical and Petrochemical Marketing and Distribution Co, has announced the opening of 10 new marketing offices, including one in Bangkok.
The others are in Casablanca, Colombo, Dubai, Mumbai, Guangzhou, Shanghai, Manila, Jakarta and Karachi.
The new offices will market Qatar’s chemical, polymer and fertiliser products. The 10 new offices join those in Australia, Malaysia, Jordan, South Africa and Turkey.
Incorporated on July 1 last year, Muntajat is headquartered at the World Trade Centre in The Hague, Netherlands.
Extra budget to be requested for Red Line mass-transit project
Transport Minister Prajin Juntong will next week propose to the Cabinet a supplementary budget of Bt8.14 billion for the construction of the Red Line mass-transit project.
There was an adjustment to the design for the Rangsit-Bang Sue section, he said.
The ministry’s working group agreed with the planned relocation of the Mor Chit northern bus terminal, as the site will be used as the Red Line’s maintenance yard.
BOI applications hit 158
Applications for investment privileges last month reached the highest level this year at 158 projects worth Bt176.3 billion.
Udon Wongviwatchai, secretary-general of the Board of Investment, said yesterday that interest in investing in Thailand, particularly in energy, one of the BOI’s targeted industries, mirrored the recovery in investor confidence since the coup in May. Five of the applications were from producers of natural-gas-fuelled electricity.
Investment is expected to keep rising for the rest of this year and pass its target of Bt700 billion for this whole year.
SEC relaxes IPO rules
The Securities and Exchange Commission has allowed the allotment of up to 25 per cent of the total number of newly issued shares in an initial public offering to persons related to the issuing company.
For offerings of debentures, bills of exchange (B/E) and derivative warrants (DW), allotment to the related persons will be allowed in a similar manner to general investors. The revised regulations aim to strike a balance between supervision of securities offerings and investor protection.
Vorapol Socatiyanurak, secretary-general of the SEC, said the Capital Market Supervisory Board approved the relaxation of regulations on securities allotted to related persons such as directors and executives, providing that the issuing companies must clearly define the portion to be allotted to the related persons. Details of the allotment must be disclosed in the registration statement and prospectus.
For an IPO, up to 25 per cent of total offered shares may be allotted to related persons. In cases of listed companies offering shares or stock warrants, the allotment to the related persons is permitted with disclosure of details on the allotment in the notice calling for shareholders’ meeting to seek approval for the offering.
Shareholders can learn about and be aware of the related persons’ movements and their voting.
The allotment of debentures, B/Es and DWs to related persons and general investors applies the same rules. Issuing companies must ensure that subscribers through any channel, such as website or telephone, obtain an executive summary or fact sheet for their investment decision-making.
“Regulations on securities allotment to issuing companies’ related persons must be revised as they have been in force for years. The revision aims to achieve more practicality and be more responsive to current circumstances that can help facilitate the private sector’s fund-raising in the capital market,” he said.
“Without compromising investor protection, the revised regulations focus more on clear and adequate information disclosure for investment decision-making,” he said.
