Thoresen eyes investments

Thoresen eyes investments

SET-listed Thoresen Thai Agencies Plc (TTA) plans to increase capital through a rights offering that will strengthen its core businesses and take advantage of new investment opportunities.

President and chief executive Chalermchai Mahagitsiri said the capital would be used for acquiring or investing in new businesses, repayment of outstanding bonds and loans and for working capital.

"The decline in oil prices also presents strong opportunities to reinvest in our core businesses. Thoresen Shipping will have a cost benefit in its bunker prices, while Mermaid will continue to see stable demand for its subsea and related services," said Mr Chalermchai.

"As a holding company, TTA must remain agile to capitalise on market opportunities. Although the capital market is likely to be in a volatile state, a strong opportunity remains to invest in high-growth companies that promise quick returns." 

The rights offering was approved by its board of directors pending shareholders' approval at the annual shareholders' meeting on Jan 28.

Its board also approved the payment of a dividend of 25 satang per share next February. This is the first dividend since 2011 following TTA's turnaround from a net loss of 5 billion baht last year to a net profit of 1.01 billion baht in net profit this year.

TTA also plans to offer pre-emptive rights for TTA shareholders to acquire shares in PM Thoresen Asia Holdings Plc at a discounted price.

The share sale will fund the growth of Banconco warehouse and logistics business as well as provide capital to export its fertiliser products. 

TTA shares closed yesterday on the SET at 18 baht, up 90 satang, in trade worth 561 million baht.

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