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IFC, a member of the World Bank Group, is lending US$80 million to subsidiaries of Shangri-La Asia to expand its hospitality business in Myanmar.

IFC's investment will be used to complete the renovation and expansion of the Traders Hotel in Yangon from 270 to 485 rooms. Shangri-La is a majority owner of the hotel.

IFC's investment will also be used to complete construction of the 240-apartment Shangri-La Residences in Yangon.

International arrivals in Myanmar have increased by about 30 per cent a year since the economy opened, surpassing 1 million for the first time in 2012.


The Commerce Ministry is confident of returning Bt20 billion to the caretaker government's central budget as scheduled by May after it accelerated rice sales via bidding and the futures market.

The Bt20 billion was advanced last month to help the ministry pay farmers under the pledging project.

Deputy Commerce Minister Yanyong Phuangrach said yesterday that the ministry should be able to generate almost Bt10 billion from selling rice through the Agricultural Futures Exchange of Thailand (AFET) and Bt10 billion from opening bidding to general traders from last year to this year.

After eight rounds through the AFET for 230,000 tonnes of rice, 13 parties are bidding for 185,300 tonnes. White rice was quoted at Bt2.20 per kilogram lower than the market price, and jasmine rice was about Bt5 lower.

During the past seven rounds of bidding on the AFET for about 500,000 tonnes of rice, the |ministry collected about Bt6 billion.


SC Asset Corporation, the property arm of the Shinawatra family, plans to launch seven residential projects worth Bt10.56 billion to boost revenue by about 20 per cent to Bt12 billion this year.

Up to 40 per cent of the total will come from the company's backlog and the rest from its new residential projects this year, deputy CEO Nattapong Kunakornwong said yesterday.

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