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IN Brief
INFRASTRUCTURE :The State Railway of Thailand (SRT) has agreed to allow the consortium led by Sino-Thai Engineering and Construction Plc (STECON) to extend by 370 days the deadline for the Airport Rail Link project to May 8 next year.
The consortium, which groups Stecon, B.Grimm MBM Hong Kong Ltd and Siemens Aktiengesellschaft, is building the elevated railway to serve commuters from the Suvanabhumi Airport to the central business district of Bangkok and vice versa.
The extension marks another delay for the project. It was first delayed by 180 days to May 5 this year. The latest postponement will start from the last date of its first extension.
The contractor failed to meet its first deadline on November last year due to floods at the construction site and SRT's failure to deliver land to the contractor.
STECON shares (STEC) closed at 3.30 baht, up six satang, in trade worth 30.7 million baht.
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Hemaraj ups target
PROPERTY :Thailand's largest industrial land developer, Hemaraj Land and Development Plc, will revise up industrial land sales target for the second time this year due to the demand by overseas investors.
David R. Nardone president and chief executive said the company was considering revising its sales target as it already posted better-than-expected sales of industrial land sold totalling 1,200 rai for the first seven months of this year, which nearly met its earlier target for the whole year of 1,500 rai.
It also expected to post growth between 10-15% in terms of sales value to over 5.7 billion baht from 5.12 billion baht recorded last year.
Major investors includes producers of automobiles, auto parts, steel, food and consumer products, who are expanding their production capacities.
He said the group would issue bonds totalling three billion baht for its industrial land expansion and its joint venture with Glow to build a power plant called GEGCO One.
Hemraj shares closed at 1.13 baht, unchanged in trade worth 3.64 million baht.
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Israeli investment
PROPERTY :Industrial Buildings Corp, an Israeli real estate company controlled by Eliezer Fishman, agreed to spend 100 million shekels ($29 million or 953 million baht) for a 50% interest in a venture to develop two buildings in Bangkok.
The project, which it will build with three Thai partners, will include a 70-floor residential, hotel and commercial structure, Herzliya Pituach, Israel-based Industrial Buildings said in a statement to the Tel Aviv Stock Exchange yesterday.
The residential area will take up 55% of the total tower while the hotel and commercial space will occupy 20% and 25% respectively of total area, it said.
The Thai companies involved in the development are currently seeking to expand the current 12,300 square metres designated for the two buildings by 20%, the company said. The towers are scheduled to be completed by 2012, Industrial Buildings Corp said.BLOOMBERG NEWS
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QH optimistic
PROPERTY :Quality Houses expects second-quarter earnings to top the 307 million baht made in the first quarter and better full-year profits due to higher prices and control over costs. Its 2007 net profit was 1.07 billion baht.
QH plans to sell bonds worth 2.5 to three billion baht in August or September, with maturities of three or four years, to refinance its short-term debt and acquire land for future development, managing director Rat Phanitphan said yesterday.
"Our six-month sales were better than our earlier target. Second-quarter sales were almost 30% higher than the first quarter," Mr Rat said.
The company plans to start 11 housing projects this year, at a cost of about 16 billion baht.
QH shares closed at 1.56 baht, down three satang, in trade worth 54 million baht.REUTERS
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B230m for SMEs
MANAGEMENT :The Office of Small and Medium Enterprises Promotion (Osmep) has allocated a 230-million-baht budget to help small and medium-sized enterprises cut production costs.
The Osmep's board views that the cost reduction will help SMEs survive amid the slow economy and expensive oil.
The cost-reduction campaign is targeted to support at least 10,000 second- and third-tier manufacturers of auto parts, textiles, ceramics, food, electrical and electronic products and lifestyle enterprises.
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