Briefs
Onyx, Singapore Hospitality Holdings enter alliance
Onyx Hospitality Group has entered a strategic alliance with Singapore Hospitality Holdings to accelerate the growth of the OZO and Shama hotel portfolio across the Asia-Pacific and Middle East regions.
“It is a significant development for Onyx that will help us expand our reach in the select serviced- and extended-stay segments regionally.
“OZO and Shama both perform well and continue to exceed consumer expectations while attracting strong regional investor interest,” Peter Henley, president and chief executive officer, said yesterday.
A joint venture newly established by both partners is targeted to open 46 OZO and Shama properties in key Asia-Pacific city and resort destinations by 2024. The partnership will boost Onyx’ portfolio of 24 OZO and Shama properties to 70 properties by 2024. During the initial period, the JV will invest in OZO openings in Bangkok, Phuket, Pattaya and Maldives.
Gas transport susidy lifted
The Energy Policy Administrative Committee yesterday resolved to withdraw the Bt0.60-Bt2/kilogram transport subsidy provided to PTT’s regional storage facilities nationwide, as part of the cooking-gas liberalisation programme.
Director-general Twarath Sutabutr said that despite the move, the Energy Ministry would maintain control of ex-depot prices for three months, to allow business operators to adjust and prevent traders from taking advantage of consumers.
UK trade envoy to Thailand appointed
British parliamentarian Mark Garnier has been appointed as trade envoy to Thailand.
Before becoming a politician, Garnier was an investment banker for 27 years, which included 15 years dealing with the emerging markets of Southeast Asia.
Upon the appointment, he said he had been a frequent visitor to Thailand as a tourist and for business.
“I look forward to bringing this experience to practical use in the future, playing a key role in developing the trade relations between our two countries that can be so beneficial to both the people of Thailand and to businesses in the UK.”
Most product prices to be stable in 2016
Most product prices are expected to remain stable this year, while some consumer goods and agricultural by-products such as tyres will soon fall after the drops in oil and crop prices, according to the Internal Trade Department.
Director-general Wiboonlasana Ruamraksa said yesterday that her department would next week meet with leading tyre manufacturers in the country to persuade them to reduce their retail prices after finding that the cost of rubber had plummeted during the past year.
Other products with the potential to sell at reduced prices are seasonings and sauces, fish sauces, soaps, detergents and toothpaste because of the lower cost of fuel and transport.
During the upcoming Chinese New Year, most goods prices should stay the same as last year because of the unchanged cost of production, while the prices of goods such as oranges, bananas and other fresh fruits will rise slightly by Bt5-Bt10 per kilogram on high demand.
Wuttisak Clinic plans listing on Thai bourse
Skincare operator Wuttisak Clinic Inter Group, through its holding company WCI Holding Co, plans to list on the Stock Exchange of Thailand this year to mobilise capital for expansion.
Apiporn Pasawat, chairman of Wuttisak Clinic, said yesterday that the proceeds would also impose financial restructuring.
Maybank Kim Eng Securities (Thailand) and CIMB Securities (Thailand) have been engaged as financial advisers.
The company has diversified into the cosmetics market for both non-colour and colour products to boost its competitiveness and strengthen its income base. These products are distributed through a variety of channels including online and modern trade.
To cope with the Asean Economic Community, it also adopted the joint-venture model for expansion abroad, particularly in neighbouring countries, to strengthen its marketing base.
Plan for rice releases in government stock
The Commerce Ministry plans to propose to the next meeting of the Rice Policy and Management Committee its plan to release and manage the remaining 13 million tonnes of rice in the government’s stocks gradually.
The meeting, which will be chaired by Prime Minister Prayut Chan-o-cha, is set for February 29.
Duangporn Rodphaya, director-general of the Foreign Trade Department, said yesterday that about 11 million tonnes are a mix of different kinds and grades because of the low quality of the grains.
For the next auction, the government may need to release the rice in a big lot for the whole warehouse.
However, the government will carefully consider the timing of the sale and the quantity out of concern for the impact on the market price.
This month, the government will open bidding for 204,988 tonnes of good-quality rice for domestic supply and export, and 364,118 tonnes of grade C rice, which will be for industrial use such as feedmeal production.
