briefs

Beger targets sales increase of 20%

Beger Company has targeted sales of Bt4.8 billion this year, an increase of 20 per cent from 2012, said its vice president Worawat Chaiyosburana.

The company expects the total paint market to grow by 12-15 per cent this year to between Bt16 billion and Bt17 billion, down from the 20-per-cent growth last year.

JV for Hua Hin condo

Home City Development Co has joined with a Chinese investor, Tho Yan, who was property manager of Beijing XhiLi Hang Real Estate Co, to establish a new company with registered capital of Bt250 million to develop a condominium project in Hua Hin.

The new company will develop Miracle Hua Hin worth Bt5.6 billion to focus on Chinese interested in expanding their investment in Asean countries when the Asean Economic Community becomes effective in 2015, advisory chairman Niwat Lamonpan said in a press release yesterday.

Waste firm lists on MAI

Akkhie Prakarn will start trading in the Market for Alternative Investment tomorrow, under the ticker symbol "AKP", after it raised Bt168 million via an initial public offering.

MAI president Chanitr Charnchainarong said AKP was a subsidiary of Better World Green, listed on the Stock Exchange of Thailand. As the parent firm realises the importance of building its financial strength and boosting the funding-access opportunities of its subsidiary, it submitted a spin-off proposal to increase business opportunities.

AKP has been granted the rights by the Department of Industrial Works, Ministry of Industry, to manage and operate a waste-incineration centre in Bangpoo, Samut Prakan province, for 20 years (ending on February 10, 2028) and could ask for an extension for another 10 years.

This waste centre has the country's first and only industrial waste incinerator able to handle hazardous industrial waste in the form of gas, liquid, sludge or solids, including infectious waste. It has a capacity of 120,000 tonnes per year.

New CG principles

The Stock Exchange of Thailand has announced a revision of its corporate governance principles to bring them in line with the Asean CG Scorecard and prepare Thai listed companies to be recognised in CG when the Asean Economic Community starts in 2015, SET president Charamporn Jotikasthira said.

The bourse will train firms in corporate governance throughout the year, underlining its long-term capital-market development plan to develop listed companies sustainably and continuously improve the capabilities of all capital-market participants.

The SET has continuously encouraged firms to realise the importance of good corporate governance and authorised the Thai Institute of Directors to survey company compliance with CG principles since 2001 to boost good practices. Surveys show that listed companies have continuously developed their CG, with scores reaching 77 per cent last year, up from 50 per cent in 2001, Charamporn said.

Meanwhile, Thailand moved up to become the third-highest scorer in Asia in the CG Watch conducted by the Asian Corporate Governance Association and CLSA Asia-Pacific Markets, up from fourth in 2010 and eighth in 2007.

SET told of BJC takeover in VN

Berli Jucker's board of directors reported to the Stock Exchange of Thailand yesterday that the company's subsidiary BJC International Co has bought a majority stake in Ichiban in Vietnam worth 22.5 billion dong or Bt140 million.

The holding is equivalent to 75 per cent of Ichiban's total capital.



Exit from PTT board

Norkun Sitthiphong, permanent secretary of the Energy Ministry, has resigned, as of February 1, as a director and chairman of the board of PTT, due to his additional business engagements, according to a PTT filing to the Stock Exchange of Thailand on February 1.

Recently, a PTT source said Vichet Kasemthongsri, a former deputy transport minister; Benja Louicharoen, director-general of the Customs Department; and Prasert Bunsumpun, former CEO of PTT, were frontrunners to be the next PTT chairman.



Drive for Myanmar

The World Bank Group and Myanmar reinforced their commitment to grow the economy, create jobs and reduce poverty through accelerated reforms and a focus on energy infrastructure development during a three-day visit by a high-level delegation led by Jin-Yong Cai, executive vice president and CEO of IFC.

The delegation agreed to support Myanmar in meeting its urgent need for electricity and in improving the telecommunications and banking industries.

"Connecting people and businesses to a reliable electricity grid is critical for Myanmar to realise its enormous social and economic potential," Cai said. "IFC is working with the government to establish a strategy that will promote investment in the power industry, and help deliver electricity in a reliable and sustainable way to all citizens."

Improving electricity supply is a strategic development priority requiring large investments from both the public and private sectors in a country where only one in four people have access to reliable electricity.



Loans manageable

Fitch Ratings said yesterday that rising loan concentration in major Thai banks, prompted by the recent spate of large corporate M&A transactions, should remain manageable based on the banks' sound loss-absorption qualities.

This is underlined in the stable outlooks of Fitch-rated banks with no material changes expected to most major banks' risk appetite and to regulatory prudential standards over the medium term.