Economy July 14, 2014 00:00

SEC amends rules for filings

Securities and Exchange Commission secretary-general Vorapol Socatiyanurak has revealed that the capital market supervisory board approved revisions to rules regarding Thai incorporated firms that file for equity here and in other Asean states.
The rules cover filings that are done simultaneously or in a close period under the Asean Capital Markets Forum framework.
The issuers will be allowed to file disclosure documents with the SEC using Asean disclosure standards and thus be allowed to file a single set of disclosure documents with several regulators. 
The filing must be prepared in Thai and English with the same information and be certified by all directors. An executive summary must also be sent to investors with a subscription form. 
The ACMF framework refers to the multi-jurisdiction offering of equities in Asean countries which are signatories to a memorandum of under?standing to establish a cross-border offering framework. Malaysia, Singapore and Thailand are expected to sign the MoU by the third quarter.
Footwear firm eyes SA 
Bangkok Athletic Company Ltd, the manufacturer of Pan footwear, has revealed an overseas expansion strategy that aims at emerging markets, especially South Africa.
Deputy managing director Manop Thuamyang said the company would focus on student shoes under the PS Junior brand for females and the Pan brand for males. He said the company was looking for local distributors to support the expansion plan.
Bangkok Athletic has previously expanding into Asean markets as well as China and Europe.
Manop said the company would also focus on retaining its key export markets, such as Myanmar, Vietnam, Laos and the Philippines. 
In Thailand, the company plans to open six Pan Shop outlets, focusing on major provincial discount stores. 
Wealthy Chinese heading to Oz 
Australia topped the latest list of the most suitable destinations for rich Chinese who want to get overseas citizenship or permanent residency through investment. A report by the Chinese website of Forbes said factors including housing prices and investment thresholds have been taken into account in designing the list. Other factors included the host country's security, social welfare, economic development and political system.
More than 25,500 Chinese received permanent residency in Australia in 2011 through 2012, and about 18 per cent of them achieved their “green card” through investment, according to the Annual Report on Chinese International Migration 2014 published by the Social Sciences Academic Press and the Center for China and Globalisation, an independent think tank in Beijing.
China emerged as the largest source for Australia’s investment migration during the period, accounting for 64 per cent. The rate was less than 8 per cent one decade ago, the report said.
Chen Ye, a 32-year-old from Shanghai, is applying to emigrate to Australia.
An investment of A$5 million ($4.68 million) for a better education and living environment for her young son sounds like a good deal, said Chen, whose husband owns a shipping company.
“Life is very comfortable in Australia and my son won't face fierce competition to go to a good university and to find a job there like we do in China,” she said. – China Daily, Asia News Network