Briefs

By The Nation
Published on November 6, 2008

CIMB eyes 100% of BankThai

BankThai's new partner CIMB Bank, Malaysia's secondbiggest, wants to buy the remaining nearly 58 per cent of the Thai bank after completing a deal yesterday to take a 42.13percent stake for Bt2.10 a share or a total of Bt5.9 bil¬lion. The offer for the remaining shares will be completed by January, it said. - The Nation

Golden period

The Board of Investment yes¬terday declared the golden period for investors by granting its maximum incentives to six categories of projects submit¬ted by the end of next year.

The six categories comprise alternative energy and energysaving investments, advance technology projects, invest¬ments in environmentally friendly products, projects related to the government's megaprojects, tourism and property projects, and agricul¬tural projects.

The privileges include an eightyear exemption on corporate income tax, 50percent deduc¬tion of corporate income tax for a further five years, deduction of utilities and transport expenses, and deduction from net profit of 25 per cent of the project's infrastructure installa¬tion and construction costs in addition to normal deprecia¬tion. - The Nation

On track for record cane crushing

Thailand, the world's secondbiggest sugar exporter, may meet a record production target next year as mills prepare to begin crushing cane later this month.

"Crushing volume may rise to 75 million tonnes, and that means output could climb to 8 million tonnes," Thikha Khunnawat, directorgeneral of Thai Sugar Millers, said in a phone interview yesterday. Crushing may start on November 23, the same day as last year.

Higher output from Thailand may help ease tight supplies globally as Brazil, the world's biggest exporter, turns more sugar cane into fuel. Sugar will be in deficit next year as ethanol surplus increases, predicts the International Sugar Organisation and research company FO Licht.

Thailand's sugarcane crushing season lasts five months. Domestic demand has been about 2 million tonnes.

Rawsugar futures for March delivery yesterday gained 4.4 per cent to 12.71 US cents (Bt4.50) a pound on ICE Futures US in New York. Earlier, the price reached 13 cents, the highest for a mostactive contract since October 3. - Bloomberg

Twoway trade up a year after Jtepa

A seminar entitled "One Year of the JapanThailand Economic Partnership Agreement", organised by the Foreign Ministry, reported that a year after implementation of the pact on November 1, 2007, trade between the two countries grew 18.95 per cent to Bt1.48 trillion.

Exports from Thailand grew 16.5 per cent to US$15.3 billion (Bt535 billion) in the first nine months of this year, while imports increased 22.5 per cent to $25.29 billion. - The Nation

Coastal Energy testing well off Songkhla

Coastal Energy, an independent exploration and production company with assets in Southeast Asia, completed an initial flow test at its Songkhla A01 well in the Gulf of Thailand.

The company began a production test on Tuesday at the well - which is producing at a rate of 4,500 barrels per day - that will last until the end of the year, Coastal said in a statement distributed by Regulatory News Service yesterday. - Bloomberg

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Briefs

CIMB eyes 100% of BankThai

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