Economy June 14, 2014 00:00

By The Nation

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SCSMG managing director steps down

Siam Commercial Samaggi Insurance (SCSMG) yesterday reported to the Stock Exchange of Thailand that Chiravuthi Bunyasiri, managing director, had resigned effective from July 1.
Siam Commercial Bank has unloaded its 60.9-per-cent stake in SCSMG to ACE. 
On the closing of this transaction, in compliance with Thai regulations, ACE and its Thai partner will make a mandatory tender offer for the remaining 39.1 per cent of SCSMG. 
Tesco Lotus buys more local fruit 
Tesco Lotus says it is continuing its strong support of Thai fruit growers by increasing orders of top-grade seasonal fruit and offering new techniques to enhance freshness of lychee and longan from the farm to customers’ shopping baskets. 
Tesco Lotus also works with fruit farmers on opportunities to export more seasonal fruit.
“Supporting local economies has been one of our key missions over the last 20 years,” said Pakhawat Chinthakanond, the retail giant’s trading manager for produce. 
“We have continually increased our direct sourcing volume from Thai farmers, helping farmers secure 
stable income, and we have been promoting the exports of Thai products to Tesco Group stores in 12 countries.
“This year we have increased our orders of Thai seasonal fruit by 37 per cent and our direct sourcing of lychee and longan from orchards by 150 per cent, in line with our mission of bringing more high-quality fresh fruit to consumers. 
We agree our purchase volume with the growers in advance, enabling them to manage their planting schedules and costs effectively with no fear of market oversupply.”
Lottery office board approves resignation of director-general 
The Finance Ministry says the Government Lottery Office board has approved the resignation of the director-general of the GLO, Pol Maj-General Attagrit Tharechat after he requested it on May 26.
 Deputy director Kuntera Tantiraugsi has been appointed acting director-general.
It is expected that a permanent director will be appointed within two months.
Property Perfect trading suspended
The Stock Exchange of Thailand suspended trading of Property Perfect’s shares yesterday until Monday as requested by the company, which reported to the SET early in the day that was in the negotiating process to acquire assets that might have an impact on the share price.
The company reported that its board of directors would meet on Monday on approval of this deal and then would report to the SET later in the day what transpired. 
Property Perfect also will hold a press conference about the deal on Tuesday.
PTT ranked 136th greenest 
PTT, the only Thai conglomerate nominated for the honour, was recently ranked 136th among the 500 largest publicly traded companies on overall environmental performance by Newsweek Green Rankings, PTT president and CEO Pailin Chuchottaworn announced.
This project is a collaboration between Newsweek magazine and its research partner Corporate Knights Capital. 
Environmental performance was measured using eight key indicators: revenue per total energy consumption, revenue per total greenhouse-gas emissions, revenue per total water use, revenue per total waste generated and waste recycled/reused, reputation on environmental issues, links between the remuneration of the senior executive team and the achievement of environmental performance targets, commitment of the board of directors to the sustainability of the company and environmental matters, and the evidence showing that the environmental metrics are audited by a third party.
Fitch rates KTB’s USD notes
Fitch Ratings has assigned an expected “BBB-(EXP)” rating to Krungthai Bank’s proposed US-dollar-denominated Basel III-compliant Tier 2 subordinated notes under the bank’s US$2.5-bn euro medium-term note (MTN) programme. 
The notes will be issued out of KTB’s Cayman Islands branch, and are the first publicly transacted dollar-denominated Basel III-compliant Tier 2 subordinated notes out of Thailand. 
The final rating is subject to the receipt of final documentation conforming to information already received.