The demand is regarded as very high for a debenture issue with a total value of Bt5.5 billion.

The issue will consist of two tranches: the first worth Bt2.75 billion, maturing in three years and with a fixed coupon rate of 5.39 per cent per year; the second worth Bt2.75 billion, maturing in seven years and with a fixed coupon rate of 5.7 per cent per year. Today is the issue date for both tranches.

Thai Oil's debenture issue has been arranged by Standard Chartered Bank (Thai). Fitch Ratings has assigned an AA- (tha) rating for the debentures.

Managing director Viroj Mavichak said the proceeds would be used to finance investment plans and serve as working capital.

Ag head-hunters now in country

US-based AGRI-associates, which calls itself the world's biggest agricultural executive recruiting firm, has signed an agreement extending its recruitment and consultancy business to Indonesia, Thailand and the Philippines.

Its partner in the venture will be Zentec International, whose chairman and chief executive, Rodney Huisman, said the new business arrangement will cater to companies looking for key managers and individuals looking for new employment opportunities within and beyond the Pacific Rim. Singapore and Malaysia were covered by the firm last year.

Zentec has appointed Prasert Silsupadol, formerly of Shell Crop Chemical, to be its senior consultant for Thailand.

Appointments have also been made in Indonesia and the Philippines.