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Economy September 20, 2013 00:00

By The Nation

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Nestle enters Myanmar



 
Nestle, the world's largest food company, has won permission to form a local business unit in Myanmar, paving the way for the construction of a manufacturing plant.
Nestle Myanmar Co was set up upon permission of the Directorate of Investment and Company Administration on Monday.
Nestle’s products include baby food, bottled water, cereals, coffee, confectioneries, dairy products, ice cream, pet food and snacks. Of Nestle’s brands, 29, including Nescafe, Kit Kat and Maggi, have annual sales of more than 1 billion Swiss francs (Bt34 billion).
Nestle, headquartered in Vevey, Switzerland, operates about 450 factories in 86 countries, with nearly 328,000 staff. It is one of the main shareholders of L’Oreal, the world’s largest cosmetics company.
World-famous food and beverages companies such as Coca Cola, Pepsi and Unilever have already built plants in Myanmar.
Other international companies  such as Heineken, Carlsberg, Beer Chang and Pokka, are beginning construction of their plants in the country.  
 
Govt to ink deal to sell 1.2m tonnes of rice to China
The Commerce Ministry yesterday confirmed that the government would sell 1.2 million tonnes of rice to China under a contract to be signed in a couple of weeks.
Of the total, about 200,000-300,000 tonnes will be shipped this year.
Commerce Minister Niwatthumrong Boonsongpaisan said that after the sales contract is signed, the government would show it to the public to prove that the transaction was real.
The ministry has also clinched deals with many countries. For instance, the government would start delivering 250,000 tonnes of rice to Iran next month, he said.
 
Gas supply to Isaan reduced 
The supply of natural gas to the Northeast will fall as the Sin Phu Hom gas field in Udon Thani is shut down for planned maintenance from today through next Tuesday.
PTT said shipment of natural gas for vehicles to the region would be reduced to 275 tonnes against daily demand of 750 tonnes. Some 245 tonnes will be transported from Bangkok and the Central region.
 
CP All bond issue approved 
CP All shareholders have approved the issuance and offering of bonds worth up to Bt90 billion to repay loans and/or to be used as working capital.
This is part of its business plan to raise capital after its takeover of Siam Makro, which used up Bt180 billion.
 
Toyo-Thai plans plant in Yangon  
Toyo-Thai will set up an agricultural processing plant in Yangon worth between US$50 million and $70 million (about Bt1.5 billion to Bt2 billion).
Construction will start in the final quarter of this year and will be complete in the third quarter of 2015, Gobchai Tanasugarn, general manager of finance and investor relationships, reported to the Stock Exchange of Thailand yesterday.
 
AirAsia X to set up JV in Thailand
Malaysian long-haul budget carrier AirAsia X says it has agreed to set up a joint venture in Thailand with the chief of sister company Thai AirAsia and an adviser to Prime Minister Yingluck Shinawatra.
The joint venture, called Thai AirAsia X, marks the first overseas foray by AirAsia X, the long-haul arm of Asia’s largest low-cost airline by passengers, AirAsia said in a filing to the Malaysian stock exchange late on Wednesday. AirAsia X will hold 49 per cent in the joint-venture firm, which has registered capital of Bt400 million, while Tassapon Bijleveld will hold 41 per cent, with the remaining 10 per cent held by prime-ministerial adviser Julpas Kruesopon.
 
Master Ad moves to main bourse
Master Ad has moved from the Market for Alternative Investment, where it debuted in 2003, to list on the main Stock Exchange of Thailand board, given its strong financial status.
The company currently has registered capital of Bt300 million. The company’s executive chairman Noppadon Tansalarak said listing on the SET would enable it to attract more investors. It is one of 200 Asia-Pacific small and medium-sized enterprises in this year’s “Asia’s 200 Best under a Billion” list of Forbes Asia magazine, attributed to its strong sales and effective cost management.
 
SD Consortium to upgrade AOT’s IT network
SD Consortium, which is jointly owned by Samart Telcoms and Dimension Data (Thailand) Co in proportions of 86.4 and 13.6 per cent respectively, this week signed a contract with Airports of Thailand for a Phase 1 turnkey project to improve the computer network system. The total project value is Bt492.2 million (including value-added tax). 
 
S&P seeks to double annual revenue
S&P International Food Co aims to boost annual revenue to Bt13.4 billion within five years after recording Bt6.5 billion last year.
To help achieve the target, the company has introduced Japanese-food restaurant Maisen to Thailand, after signing a contract with Japan’s Izutsu Maisen to be the exclusive franchisee in the Kingdom. 
S&P targets annual sales worth Bt500 million from the Japanese restaurant by 2016 after opening 20 branches nationwide, managing director Teerakor Raiwa said.
 
Mitsubishi to supply lifts to Mahanakhon
Mitsubishi Electric Corporation has secured an order to deliver 38 elevators and escalators to Mahanakhon, a commercial complex under construction in Bangkok. 
The 314-metre-high building will be the country’s tallest, with 77 floors above ground and one below ground when completed.