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| • EXCH RATES |
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Baht/$ 33.68/71
Bid/Ask
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GOLD |
14,900
+ 200
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ALTERNATIVE ENERGY
NUNTAWUN POLKUAMDEE
Sea Horse Plc remains intent on expanding into ethanol manufacturing,and hopes to announce a new business partner for its alternative energy operations by the end of the month.
The company, previously known as a seafood producer, announced it would shift to the alternative energy business after it was taken over last year by Siritaj Rojanapruk and other business allies.
But progress in developing its ethanol operations has been slow, in part due to the inability of the company to secure bank loans to finance the operation.
Sea Horse also is under pressure from the Stock Exchange of Thailand to raise its free-float to the 15% minimum from 7.93% as of April 2.
The company, which has paid-up capital of 2.78 billion baht, told the SET last month that it would float 197 million shares by the end of the year to raise its free float and maintain its listing status.
Sea Horse also said it had procured tapioca raw materials, building a reservoir and factory and in talks to procure technology for its ethanol business.
Somphote Ahunai, a Sea Horse executive director, said it had secured a licence in a Board of Investment-supported industrial zone for its new ethanol plant.
Alternative energy was sorely needed in Thailand, considering the country's heavy dependence on imported oil for logistics and industrial manufacturing.
Mr Somphote said that in the past, Thailand's agricultural exports outstripped the value of oil imports, but the sharp rise in global crude prices had led to a reversal in the trade accounts.
Tapioca production could help significantly in reducing the country's use of oil for diesel and petrol, he said.
Engine modifications for ethanol are relatively inexpensive, Mr Somphote said, at around 1,000 baht for motorcycles.
He said the company was in negotiations with overseas suppliers to procure technology to produce E85 fuel, a blend of 85% ethanol. The government plans to introduce E85 by the end of the year, with tax incentives for both auto manufacturers and ethanol producers.
Sea Horse, in its statement to the SET on June 13, said it was in talks with both local and overseas investors interested ''in the company's refinery and alternative energy development project'', with a deal expected to be finalised by the end of July.
For now, frozen seafood continues to be the main source of revenues. Sea Horse posted a first quarter loss of 38.8 million baht, up from losses of 10.38 million the same period last year and attributed primarily to higher cost of sales and lower export earnings due to the appreciation of the baht. Sales for the quarter was 185.87 million baht, up from 156.49 million the year before.
Shares of SH closed Friday on the SET at 0.69 baht, up one satang, in trade worth 2.98 million baht.
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