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IN Brief
FINANCE : Minor International Plc (MINT), the country's largest listed hotelier and restaurant operator, said yesterday it had delayed a 10-billion-baht bond issue to 2009 due to unfavourable market conditions.
The company had planned to sell the bonds in late 2008 to expand its business and repay debts, chief financial officer Pratana Manomaipiboon said.
MINT shares closed yesterday on the Stock Exchange of Thailand at 13.80 baht, unchanged, in trade worth 14.2 million baht. REUTERS
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GEN raising B100m
CONSTRUCTION : General Engineering Plc (GEN), the SET-listed concrete pile contractor, will increase its registered capital by 100 million baht through a private placement to fund business expansion.
Pending shareholder approval, the company's registered capital will be increased to 815.22 million baht. The company told the Stock Exchange of Thailand that the proceeds would be used for expanding to the energy business and increasing working capital, as it required more cash flow to cover higher production costs.
The company said its production costs had risen by 40% from a year earlier in line with rising oil prices. It has raised its product prices by 20-25% to cover costs, but said many contractors remained wary of taking new jobs as they feared costs would rise even more.
GEN shares closed yesterday on the SET at 1.98 baht, unchanged, in trade worth 9.8 million baht.
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EWC shares fall
STOCKS : Shares of Eastern Wire Plc (EWC), a maker of steel wire used in construction, fell the most in 19 months yesterday on the Stock Exchange of Thailand after the company said it would not invest in a subsidiary because it lacked the funds.
EWC fell 3.25 baht, or 29%, to 7.95 in morning trade before recovering to close at 10.90, down 2.7%, in trade worth 49.4 million baht.
The company said in a filing to the SET yesterday that its board decided not to buy new shares in its Rayong Wire Industries Ltd (RWI) unit, which is seeking to raise 120 million baht.
EWC said it had mentioned in the financial statement approved by its auditor for the period ending March 31 that it lacked the money to acquire the shares.
It also said that Ua Withaya Co (UWC) had become a shareholder of RWI since May 20 and had entered into an agreement to purchase the capital-increase shares from other shareholders, who had given up their rights.
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Revenue tops target
TAXATION : Government revenues totalled 102 billion baht in June, or 4.6% higher than the target, thanks to better-than-expected revenues from value-added tax and import tariff collections.
State enterprise profit transfers exceeded targets for June by 7.7 billion baht, while the Treasury Department also booked 1.56 billion baht in rental charges from PTT Plc for its national gas network. But specific business taxes and personal income taxes fell below target for the month, due largely to tax incentives passed by the government to spur the economy.
For the first nine months of fiscal 2008 ending on June 30, net government revenues were 1.139 trillion baht, 3.6% over the target and 9.2% higher than in the same period last year. The government has a revenue target of 1.495 trillion baht for the full fiscal year ending on Sept 30.
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Railway upgrade
INFRASTRUCTURE : Balfour Beatty Plc, Britain's biggest construction company, and Italy's Ansaldo STS SpA have been selected for a 300 million (20 billion baht) contract in Malaysia to help upgrade a railway between Kuala Lumpur and Thailand.
Balfour will provide electrification and power supply equipment and Ansaldo the signals and communication gear along 330 kilometres of track, London-based Balfour said. The project is part of a plan to build a rail link between Singapore and China. BLOOMBERG
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14-day yield 3.26%
DEBT MARKET : The Bank of Thailand yesterday auctioned 80 billion baht worth of 14-day central bank bills for a weighted average accepted yield of 3.26637%. Accepted bid yields ranged from 3.255% to 3.285%, with the bid coverage ratio 1.14 times.
Also sold were 24.289 billion baht in 364-day bonds for an average yield of 4.01061%. Accepted bid yields ranged from 3.96% to 4.05%, with bid coverage of 1.44 times.
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