FINANCE MINISTER OFFERS PLANS TO CUT PUBLIC DEBT

The ministry will first consider selling its equity shares in non-listed firms, including stakes in state-owned enterprises’ subsidiaries that are not making profits, he said.

Also, the sale of the ministry’s shares in listed firms, especially large ones, will be considered carefully. 

“We will first concentrate on selling shares that are not beneficial or worth investing in any more, before we look into shares in larger firms. The consideration is in place to ensure the [stock] market is not affected by such measures,” he said. 

Meanwhile, Sommai said the Council of State was finalising the inheritance tax bill, which has passed its third reading in the National Legislative Assembly. Inheritance tax will go into effect six months after it is announced in the Royal Gazette in order to give the Revenue Department time to make preparations before collecting the levy. Expected revenue from this tax in the first year is expected to be low, at around Bt5 billion or Bt6 billion, while relevant agencies are working on ways to prevent people from dodging the tax. 

 

JASMINE UPDATES BOURSE 

An unresolved legal dispute between Jasmine Telecom Systems and the Office of the Basic Education Commission in relation to the previous government’s scrapped programme to supply tablet computers to students could have a negative effect on the company’s assets, Jasmine said in a filing to the Stock Exchange of Thailand yesterday. 

The amount at stake is more than 5 per cent of the shareholders’ equity as at the end of the latest fiscal year, Jasmine said.

Last November, Obec filed a lawsuit with the Administrative Court against Jasmine for allegedly breaking an agreement to sell tablets in Zone 4 (the Northern and Northeastern regions) and requested that the company pay penalties and damages for a total amount of Bt190.15 million. 

The company submitted a plea statement in response to the lawsuit to the Administrative Court on March 11 and the case is currently being considered by the court. 

“As Jasmine did not break the agreements entered into with Obec, the company thus believes that it is not obliged to plead guilty,” said Jasmine president Kriengsak Chalermtiragool.

“In addition, as the government has cancelled the tablet project, no damage has occurred to Obec.” 

However, in the event that Jasmine is required to pay the aforementioned amount, it can claim all damages from the company that sold the tablets to it, he said.

 

GIGS BOOST IMPACT REIT 

The Impact Growth Real Estate Investment Trust made Bt1.11 billion in revenue for the 2014 fiscal year, mainly driven by concerts at Impact Arena and the 2015 International Motor Show and resulting in a dividend payment of 42 satang per unit.

Of that, 23 satang was scheduled to be paid on March 13, with the remainder to be paid on June 19.

Wanphen Mungpiensakul, managing director of RMI Co, manager of the Impact Growth REIT, said the fund posted Bt632 million in net profit for a net profit margin of 57 per cent.

Impact has increased the event spaces at Challenger Hall from 60,000 square metres by adding 3,000sqm to the loading area.