E-commerce outfits given tax nudge
The Revenue Department has reminded 500,000 e-commerce operators nationwide that they are obliged to pay tax, said director-general Prasong Poontaneat.
The number of e-commerce operators has been on the rise in recent years, and of the 500,000 such operators, about 50,000 have not entered the tax system correctly yet.
“There may not be much tax income to be had from them as some have not seen revenue high enough to meet the minimum [for tax payment]. However, those that earn any income at all are required to submit a tax return to the Revenue Department. We need to have information on every company’s annual income,” Prasong said.
He said the department was inspecting several types of businesses to remind them to pay their taxes. The police and military were assisting.
“This will raise tax-collection efficiency and bring fairness to all taxpayers,” he said.
Gunkul Engineering acquires GK Sendai
Gunkul Engineering has acquired a 100-per-cent stake in Sendai Okura Mega Solar Godo Kaisha (GK Sendai), a solar-power producer in Japan, with total transaction value of Bt504 million as it diversifies risk among income sources and strengthens its renewable-energy business to overseas.
Gunkul hopes that the acquisition will support the company’s policy to become a leader in international renewable energy business and to be an important participant in the development of power plants using clean energy resources.
It said in a report to the Stock Exchange of Thailand yesterday that this deal would help increase the company’s assets, stable income and stable cash flow while diversifying risk and creating long-term value for the company and its shareholders.
Wave takes over Jeffer Steak
Wave Entertainment yesterday announced the acquisition of the Jeffer restaurant chain in Thailand, worth more than Bt600 million.
The acquisition was carried out through Wave Food Group Co, a wholly owned subsidiary of Wave Entertainment, for a 100 per cent controlling stake in Jeffer Steak.
Matthew Kichodhan, chairman and CEO of Wave Entertainment, said branch expansion would continue to be a key strategy.
This is Wave’s second acquisition within the past year, having taken over Wall Street English (WSE) in May. WSE currently generates nearly Bt800 million in revenues annually from nine branches.
Wave also holds a 20-per-cent equity stake in Thai Solar Energy, which has only recently been listed in the Stock Exchange of Thailand with market capitalisation of about Bt15 billion.
Siam Commercial Bank acted as the sole financial adviser for the Jeffer acquisition and provided acquisition financing, while Hunton & Williams acted as legal adviser.
WHA REIT poised for SET debut today
The Stock Exchange of Thailand will list the WHA Premium Growth Freehold and Leasehold Real Estate Investment Trust, the second REIT in the Thai capital market this year and worth Bt3.11 billion, on its main board today under the ticker symbol “WHART”.
SET executive vice president Chanitr Charnchainarong said WHART would start trading in the Property Fund & REITs sector. WHART offered 310.79 million units via an initial public offering at Bt10 per unit from December 1-4, with total value of Bt3.11 billion. WHART is managed by WHA Real Estate Management Co, a subsidiary of WHA Corporation. Kasikorn Asset Management Co is the trustee and Kasikorn Securities its financial adviser and underwriter.
WHART has invested in freehold and leasehold rights of land and buildings, consisting of WHA Distribution Centre Lat Krabang Phases 1 and 2, WHA Mega Logistics Centre (Bang Na-Trat Road Kilometre 18), WHA Mega Logistics Centre (Bang Na-Trat Road Km 23), and properties for rent with a total area of 167,107 square metres. The main tenants of these properties are leading companies such as Nissan Motor (Thailand) Co, DKSH (Thailand) Co, and LF Logistics (Thailand) Co. In addition, it leases more than 74,617sqm of rooftop space for solar energy production.
SET Index to slide in remaining days of 2014
The Stock Exchange of Thailand index is expected to decline in the remaining days of this year in line with global market trend, as a result of overbought and investors' concerns over the political situation in Greece, says Tisco Securities.After a seven-day losing streak, the SET Index yesterday ended the bleeding with a slight gain of 1.26 per cent. It gained 18.46 points to end the day at 1,480.20 on turnover of Bt63.5 billion.
The SET has declined by more than 100 points from 1,599.82 points on November 27. However, it has gained by more than 20 per cent from the end-2013 closing of 1,298.71 points.
Elsewhere, European stock markets fell as oil prices extended their losses to fresh five-and-a-half-year lows, while the Russian rouble rebounded a bit after its recent plunge against the US dollar.
As investors await the outcome of a US Federal Reserve policy meeting, Asian markets were mixed.
UOB Thai offers forex advisory
United Overseas Bank (Thai) has become the first in Southeast Asia to offer a foreign-exchange advisory service dedicated to small businesses.
“With more local enterprises venturing overseas, customers tell us that managing currency risks has become one of their top business priorities. However, currency swings make currency management challenging and can put cash flows at risk,” Sayumrat Maranate, executive director of business banking, said yesterday.
The new unit helps small businesses manage their currency exposure and business risks more effectively as they expand across the region.
The UOB Asian Enterprise Survey found that 19 per cent of Thai businesses were exploring opportunities in Asia. Increasing intra-regional operations have made currency risk management important to businesses.
ABC statement must be rectified
The Securities and Exchange Commission has given notice to Asset Bright (ABC) to rectify its third-quarter financial statements. ABC has to file the rectification with the SEC and publicly disclose the reviewed financial statements by January 16.
ABC ceased operation of its garment business and stopped utilising its land and building previously used for that business. This year, ABC sold the assets and included its gains from the sale in the income statement. However, it did not comply with accounting standards, according to the SEC, so it must rectify its financial statements.
