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SEC urges shareholder caution on Golden Land assets sale

The Securities and Exchange Commission has urged shareholders of Golden Land Property Development (GOLD) and Univentures (UV) to study carefully information on valuation of GOLD's assets in a proposed related-party transaction at a shareholders' meeting on Monday.

Referring to a proposal to sell 35 parcels of land with 11 buildings of Golden Land Property Development, a subsidiary of Univentures, to Sirisap Pattana Co, a related person to Golden Land and Univentures at Bt980 million, boards of directors, audit committees and financial advisers of both companies opined that the selling price was appropriate and the transaction would be beneficial to Golden Land.

The SEC, however, has examined the appropriateness of asset valuation, the weighted quality score method adopted, and selection of comparable assets, as well as analysis on current conditions of assets. Accordingly, the SEC required GOLD and UV clarify the reasonableness of the assets-valuation report used in making a decision to propose the asset disposition and disclose the clarification via the Stock Exchange of Thailand.

Because the proposed transaction requires at least three-quarters of total voting rights less interested shareholders, the SEC suggested GOLD and UV shareholders carefully study relevant information, make inquiries at the shareholders' meeting, and exercise their rights to protect their own interests.

Energy Absolute to build 90MW solar-power plant

Energy Absolute has set aside an Bt8.5-billion investment budget to build a 90-megawatt solar power plant in Lampang province, beginning this year and to be completed in 2015.

The company is also targeting aggressive growth this year when its new 90MW power plant in Nakhon Sawan province will be completed and will generate income for the company this year, chief executive officer Somphote Ahunai told shareholders at a meeting yesterday.

"Last year, we had income only from our 8MW power plant in Lop Buri, but this year we will have total 98MW of power, which will generate high income for the company," he said.

The company is targeting revenue of about Bt1.5 billion from its new 90MW power plant in Nakhon Sawan this year.

The company reported revenue of Bt3.99 billion and net profit Bt267.92 million for 2013.

SET orders use of cash balance for Rasa trading

Rasa Property Development's share price dropped 5.23 per cent by close to Bt2.90 per share yesterday when the Stock Exchange of Thailand ordered the use of cash balance to trade from Monday to May 30. The share price had increased 35 per cent from Bt2.26 per share on April 11 to Bt3.06 per share yesterday.

This follows the company's announcement late yesterday that Singha Corporation group will take a major stake in the company, while securities firms believe the SET will investigate insider-trading of Rasa shares.

Thaicom sets up digital-TV information centre website

Satellite operator Thaicom has established a digital-TV information centre at www.thaicom.net www.thaicom.net, where viewers can find updated background information, including the latest channel numbering of the set-top-box providers as well as messages from related organisations and other service/content providers.

Thaicom chief executive officer Suphajee Suthumpun said some digital-TV channels had put their content on air since April 1 as an initial trial run, while more would follow suit to test their readiness.

However, many viewers still need to get more information about the new digital-TV era, and how to access the system.

Thaicom decided, therefore, to consolidate basic information, including how to receive the digital-TV signal, updated channel numbering chart from set-top-box operators and messages from related regulators, he said.

The www.thaicom.net www.thaicom.net micro-site has been designed to help viewers to get information.



Inet strikes fibre-optic broadband deal with CTH

Internet service provider Inet has signed a memorandum of understanding with pay-TV operator CTH to jointly provide broadband Internet access via the fibre-optic network to CTH viewers in greater Bangkok.

In the initial stage, the service will focus on CTH customers who are residents of premium condominiums in the Sukhumvit area, said Inet deputy managing director Wanchai Vach-shewadumrong.



SEC seeks comment on rule changes for asset firms

The Securities and Exchange Commission is seeking further public comment on the revision of asset-management companies' reporting, details of which were subject to a public hearing late last year.

The revision proposes to eliminate private funds' custodian reporting requirement, as custodians do not value assets on a market-to-market basis. In order to provide investors with more accurate information on a fund's asset value, such a reporting requirement will be imposed on asset-management companies that mark to market regularly.

In addition, the details and frequency of disclosure on mutual funds' investment will also be reviewed in line with international practices.

The consultation paper is available on www.sec.or.th. Stakeholders and interested parties are invited to submit comments by April 28 on the website, by fax at (02) 263 6301 or via e-mail to subhara@sec.or.th.




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