The SEC yesterday advised Superblock Plc shareholders to study the company’s proposal to acquire Pro Solar One Co before casting their votes at the shareholders’ meeting on Friday.
Superblock plans to use its subsidiary, Super Energy Group Co, to acquire 100 per cent of the shares in the solar power plant operator for Bt325.30 million. Superblock’s board of directors and audit committee were of the opinion that the price and transaction were appropriate and beneficial to the company.
However, Superblock’s independent financial adviser viewed that the acquisition price should be about Bt230 million-Bt270 million and recommended Superblock shareholders not to approve the deal.
Free rides extended
The Cabinet yesterday approved the extension of free bus and train rides that will expire on April 30 to July 31.
It will propose the measure to the Election Commission for approval, as it will require a government subsidy of Bt1.04 billion, Transport Minister Chatchart Sittiphan said yesterday.
‘A3’ for KBank issue
Moody’s Investors Service yesterday assigned an “A3” rating to the US-dollar senior unsecured notes proposed by Kasikornbank and issued under its $2.5 billion euro medium-term note programme with a stable outlook.
The drawdown will be from the bank’s Cayman Island branch.
Early this month, Siam Commercial Bank issued US-dollar senior unsecured notes worth $3.5 billion fom its Cayman Islands branch. The bank plans to use the proceeds for general corporate purposes and for meeting its funding requirements.
KBank’s foreign currency senior unsecured debt rating of “A3”, assigned to its Cayman Island branch, receives a two-notch uplift from its standalone baseline credit assessment of “baa2”, based on Moody’s assessment of the very high probability of systemic support for the bank, given its strong market position of 10-12 per cent of system loans and deposits.
The rating also takes into consideration the Thai government’s (Baa1 stable) track record of support for Thai banks – such as in response to the 1997 currency turmoil in Asia – and the government’s shareholding in many of the country’s domestic banks.
Chevrolet faces suit
Seven owners of Cruze sedans with allegedly faulty automatic transmissions filed a class action suit against Chevrolet Thailand for over Bt7 million at the Civil Court on Ratchadaphisek Road after Chevrolet failed to fix the erratic gear system.
The consumer protection agency has tested the vehicles and found that the gear system is not working properly as alleged. The agency’s test results are con?sidered to be final, and Chevrolet Thailand is obligated to provide some damage compensation to the car owners.
However, the agency’s damage compensation guidelines only require deduction of the vehicle’s depreciation of up to 40 per cent – 20 per cent in the first year, 12 per cent in the second year and 8 per cent in the third year – which is similar to selling the vehicle in the used car market.