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Published on July 28, 2007

Somphong Wanapha, chairman of the board, said yesterday that the restructuring would end reliance on storing agricultural goods.

"The organisation faces a turnover loss this year due to lower volumes of rice and other agricultural goods. The change should increase income channels," he said.

Last year the organisation posted a small profit, though it showed a loss in 2005.

A final decision to change its role and name will be made by the PWO board by the middle of next month.

The PWO is a state-owned agency under the Commerce Ministry. It has warehouses, cold storage and piers where it stockpiles rice, shrimp, tapioca and maize surpluses to regulate prices. Rice is its major responsibility.

Somphong said this brought in the paltry sum of Bt45 per tonne per day.

He thinks it could become an efficient trader, however.

It will take on more professional managers to ginger up the pledging programme, storing of crops, trading and marketing, and packaging and logistics.

Meanwhile, asked about President Agri Trading defaulting on receiving 700,000 tonnes of rice from the PWO's stockpile under its bidding obligation, Somphong said the board was setting up a special committee to investigate.

Petchanet Pratruangkrai

The Nation