Kamphaeng Phet company puts in highest bid for 10-year-old rice
Buyer’s quote works out to an average of 19.07 baht per kilogram, around 60% of current price for jasmine rice
V8 Intertrading Ltd, a buyer from Kamphaeng Phet Province, has won its bid for the 15,000 tonnes of 10-year-old jasmine rice stored under the Yingluck Shinawatra’s administration’s rice-pledging scheme.
The company quoted the price of 286 million baht, or an average of 19.07 baht per kilogram.
According to the Thai Rice Mills Association, Monday’s price of 100% jasmine rice is 2,950-3,166 baht per 100 kg., or 29.5-31.6 baht per kg.
The auction was held by the Public Warehouse Organisation (PWO), with bid documents being sold to six qualified bidders on Monday (June 17) morning, and bid envelopes being opened in the afternoon.
The rice is currently stored at two warehouses in Surin province: Kittichai 2 warehouse has 11,656 tonnes (112,711 bags) and Poonphol 4 warehouse has 3,356 tonnes (32,879 bags).
The PWO said that six companies bid for the stock at Kittichai 2 warehouse, namely V8 Intertrading Ltd (Kamphaeng Phet) at 64.04 million baht, Sahatan Ltd (Nakhon Pathom) at 62.7 million baht, Thanasan Rice Ltd (Chai Nat) at 60.4 million baht, SSMR Karnkaset Ltd (Nakhon Sawan) at 56.08 million baht, B N K Agriculture 2024 Ltd (Nakhon Sawan) at 53.7 million baht, and Sup Saeng Thong Rice Ltd (Suphan Buri) at 40.9 million baht.
Four companies bid for stock at Poonphol 4 warehouse: V8 Intertrading Ltd at 222.9 million baht, Thanasan Rice Ltd at 209.8 million baht, B N K Agriculture 2024 Ltd at 186.5 million baht, and Sup Saeng Thong Rice Ltd at 182.04 million baht.
V8 Intertrading put in the highest bids for both stocks at a quoted price of 286.94 million baht.
The PWO will announce the official bid winner on Friday (June 21) on its website www.pwo.co.th. The winner will have 15 days to sign the contract after the announcement is posted.
V8 Intertrading was registered as a limited company on March 6, 2020 with 2 million baht registered capital. Its head office is located in Kamphaeng Phet’s Khlong Khlung district. Besides buying and selling agricultural products, the company is also engaged in motorcycle sales and repairs.
In 2023, the company posted revenue of 2.29 million baht and a profit of 246,180 baht.
The 10-year-old rice has become a topic of hot public discussion topic since the government announced the intention to sell the rice stored under the scheme last month.
The scheme, implemented under Yingluck’s government during 2012-2013, was found to be fraught with fraud and corruption, which were partly responsible for her ousting in a military coup in 2014.
