True Corp’s wholly owned subsidiary True Incube Company will invest in 20 million common shares of Capstream Ventures Inc, a company listed on the Toronto Stock Exchange, at the price of 50 Canadian cents per share, True reported to the Stock Exchange of Thailand yesterday.
The total investment of C$10 million (Bt265 million) represents 8.84 per cent of the total issued shares of Capstream after the capital increase.
Furthermore, True Incube has agreed with Capstream to establish a new joint venture, incorporated in Thailand under the name True Axion Games Ltd, which will become a True associated company.
True Axion Games is a video-game and application development studio and video-game development training academy, which will have registered capital of Bt89 million.
Axion Interactive Inc will hold 49 per cent in the JV, while True Incube will secure 40 per cent and Red Anchor (Thailand) Co 11 per cent.
EXTRA BUDGET FOR FUND
The Energy Conservation Fund Committee has approved an additional budget of Bt2.1 billion for 30 projects it considers urgent next year.
Fifteen of the projects are under the energy efficiency enhancement plan (Bt1.5 billion), 14 are under the renewable energy plan (Bt583 million), and one is a project to set up a data centre to facilitate the IT and e-payment system of the ENCON Fund.
The energy-efficiency projects are expected to help the country to reduce energy usage by 60.04 kilotonnes of oil equivalent (ktoe) per year, valued at Bt1.75 billion annually.
EXPORT GROWTH SEEN
The Thai National Shippers Council predicts that exports next year will grow by 1-2 per cent partly because of higher oil prices, while Thai shippers adjust to changing circumstances.
Nopporn Thepsithar, chairman of the council, said the higher oil prices would boost economic growth of many countries and result in more exports of oil by-products from Thailand.
However, some concerning factors remain, including fragile global economic growth and continued uncertainty on the growth of consumer purchasing power. There could also be rising non-tariff and trade barriers imposed by many countries, particularly developed nations such as the US.