Economy April 29, 2014 00:00

By The Nation

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Ananda Bt4 bn debenture offer in May

Krungthai Bank will offer a Bt4-billion debenture of Ananda Development, a leading condominium developer, to individual and institution investors for subscription from May 7-9. The three-year debentures will pay coupons of up to 5.40 per cent per annum every three months.
The minimum investment is Bt100,000 at KTB branches nationwide.
The debentures received a credit rating of “BBB-” from TRIS Rating.
JSP Property to list
JSP Property plans to launch three projects worth Bt15 billion this year as it targets revenue of Bt3.5 billion, CEO and managing director Thanongsak Manothamraksa said.
The company also will apply to be a listed company on the Stock Exchange of Thailand today  with an offering of 1.2 billion new shares at par value Bt0.50 each. 
SPS furniture MoU inked
SPS Group, one of Thailand’s major furniture companies, signed a memo of understanding with Weext Trading Co, a Philippine importer and distributor of home products, and Roxland International Co to distribute furniture for condominiums under the Modar brand. The furniture will be produced by SPS Group and is earmarked for the Philippines and India. 
Kerati Sermpraphasilp, chief executive officer of SPS, said the Philippine housing market was one of the biggest in the region given the country’s population of more than 96 million. 
Andrew de Jesus, president of Weext, said the company was responsible for the installation of Modar furniture and hoped that through this initiative it would be able to provide affordable and high-quality furniture to real-estate developers, similar to what was happening in more developed markets such as Thailand and Singapore.
Roxland will offer SPS’s in-house designs under the Modar brand to its clients for present and future building projects, said Rakesh Kumar, managing director of Roxland International Co.
Roxland is a distributor of Modar in many big cities in India such as New Delhi, Mumbai, Pune and Chennai. Currently, Roxland is selling furniture for its villas and condominium projects in Pune and Bangalore. 
Kerati added that for the market in Thailand, SPS had signed contracts with six condominium projects in 2013 with total value of about Bt75 million. This year, it is looking at signing deals with 10 more projects, which will have a total value of between Bt150 million to Bt200 million.
SCB offers insurance deal
Siam Commercial Bank is inviting clients aged 55-70 years to open an exclusive “Worry-Free Savings for Senior Citizens” 12-month fixed deposit account. 
The account offers an annual interest rate of 1.5 per cent payable every six months, which is tax-free. Making the offer even more attractive, clients are entitled to special hospital-inpatient health insurance coverage without having to undergo a health check-up or answer any questions related to their health. 
The clients will be eligible for compensation for inpatient treatment at private and state hospitals and clinics, with coverage amounts of more than Bt100,000 per time throughout the one-year period. 
Interested clients can open the accounts with a minimum amount of Bt1 million and a maximum of Bt3 million at any SCB branch nationwide from now until June 30.
Banks told to further secure account info  
The Bank of Thailand has ordered banks to improve their customer database management and tighten  regulation set to prevent the sale of account information to subsidiaries or third parties.
Salinee Wangtal, assistant governor for the supervision group, said yesterday that the central bank had received a flood of complaints from the public of companies making cold calls to peddle financial products, which violated their right to privacy. 
The central bank recently called a meeting with commercial bank executives and Insurance Commission officials to ask the banks to set stricter regulations on selling the personal information of their customers to other companies, especially their subsidiaries.
Under the regulation, bank customers can agree or disagree to the bank publicising their personal information to their subsidiaries. They can cancel their permission at any time if they feel unsatisfied.
Car sales fall in Q1
First-quarter auto production braked 28 per cent year on year to 517,492 units, the Federation of Thai Industries reported yesterday.
Of the total, 205,041 units or 39.6 per cent were passenger cars, which dropped 37.1 per cent; 149 units were public vehicles with  upto 10 tonnes of capacity, which fell 38.7 per cent; and 312,302 units were one-tonne pickup trucks, which sank 21.0 per cent.
Car production last month declined 29.2 per cent on year to 181,334 units, but surged 4.5 per cent on month.
Auto exports in March climbed 7.2 per cent on year to 102,719 units, or 56.6 per cent. 
First-quarter exports edged up 0.6 per cent on year to 287,795 units, or 55.6 per cent of total car production. Production in March for the domestic market plunged 50.0 per cent on year to 78,615 units, or 43.4 per cent. Production in the first quarter for domestic sales dived 47.3 per cent to 229,697 units, or 44.4 per cent. 
TAX refund budget    
The Cabinet yesterday approved the allocation of Bt5.1 billion from the central budget towards tax-refund to car buyers under the first-car scheme. The budget request was proposed to the Cabinet by the Finance Ministry. The Cabinet will ask for approval of the spending from the Election Commission. If approved , payments will be made from May to July, 2014.