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Picnic told to amend report
The Securities and Exchange Commission has ordered embattled Picnic Corp Plc to amend its first-quarter financial statements because it did not set aside provision for doubtful accounts.
Auditors reported that Picnic did not establish a reserve for Bt432 million in outstanding receivables, according to the SEC's statement released yesterday. Picnic in the first quarter plunged to a net loss of Bt381.77 million from a Bt71.44-million net profit in the same quarter last year. The securities watchdog has also instructed the company to provide necessary documents to auditors. The required information includes a goodwill estimate for its subsidiary worth Bt700 million, and details on the delivery of large gas cylinders worth Bt240 million to its overseas subsidiary. Bullish outlook for bond market The Finance Ministry sees the bond market expanding 15 per cent a year for the next four to five years on growing supply from the government as well as international organisations. Wathang Puangsap, an official at the Fiscal Policy Office, said yesterday that this year the government planned to sell Bt170 billion in bonds to establish benchmark rates for bonds maturing in three, five, seven, 10 or 15 years. The Japan Bank for International Cooperation and Asian Development Bank have already sold Bt3 billion and Bt4 billion worth of baht bonds, while the World Bank is mulling raising Bt4 billion-Bt5 billion by selling baht bonds, he said.
Taksin Hotel sells debenturesRaimon Land Plc said yesterday that its subsidiary, Taksin Hotel Holding Co Ltd, had sold 18-month debentures worth Bt450 million to Lehman Brothers Commercial Corporations Asia Ltd. The proceeds will help finance the development of a condominium project. Raimon owns 60 per cent of Taksin Hotel.
Slow bidding for Ban Ua Athorn More than 100,000 Ban Ua Athorn housing units are up for bid, but contractors are refraining from bidding on government projects for fear of material prices skyrocketing after they sign the contracts. Somboon Duangdeethaweesap, a supervisor of a Ban Ua Athorn project in Khon Kaen, said that development had also stalled because of the rise in land prices. The National Housing Authority plans to develop 300,000 affordable houses nationwide . Homes will be sold to low-income earners for Bt470,000 apiece.
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