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Hemaraj announces interim dividend
The Board of Directors of Hemaraj Land And Development
Public Company Limited (“Hemaraj” or the “Company”), has approved
the distribution of interim dividend deriving from operating results from
1st January 2003 to 30th June 2003. The shares went ex-divided on 4th
September 2003 and the dividend is payable at a rate, of Baht 0.25 baht per
ordinary share, a total 88,685,596.25 baht. The interim dividend will be
distributed to all shareholders on or before 22nd September 2003.
David Nardone, Hemaraj’s CEO commented, “This
dividend underlines Hemaraj’s confidence for its core industrial estates,
utilities and factory sales and leasing business. These are prospering
thanks to the current strength and future growth prospects of Thailand’s
automotive, petrochemicals, and other industries, all of whom make use of
Hemaraj’s services. The dividend also signals the successful conclusion of
several years of balance sheet restructuring which has now brought the
company’s debt-to-equity ratio down to well below one to one. We’re
back!”
Hemaraj’s shares are listed on the Stock Exchange of
Thailand and the firm is a leading Thailand Industrial Estate and Utility
Developer.
Thailand to join ASEAN+3 in setting
up rice reserve system
Thailand will join other member countries of the
Association of Southeast Asian Nations (ASEAN) and three major East Asian
countries, China, Japan, and South Korea, in setting up a regional rice
reserve system for food security reasons. China, Japan and South Korea have
joined the 10-nation ASEAN grouping in key regional meetings to discuss
significant issues.
The meeting also resolved to set up a task force to carry
out a pilot project of the plan on a voluntary basis. Studies have shown
that 90% of world rice is produced in Asia, but only four countries in the
region are rice exporters, including China, Myanmar, Thailand and Vietnam. (TNA)
Thailand-South Korea sign 5-year
IT cooperation pact
Thailand and South Korea have signed a memorandum of
understanding (MOU) on information technology, which will see at least five
years of collaboration in the fields of IT personnel, e-government, and
broadband internet.
Information and Communications Technology Minister
Surapong Suebwonglee announced that the deal had been signed during Prime
Minister Thaksin Shinawatra’s official visit to South Korea last month.
Under the terms of the MOU, the two countries have agreed
to cooperate in various areas, including IT personnel development,
e-government, and broadband internet - in which Korea is a regional leader -
and the two countries will collaborate on software development.
The MOU will see the two countries exchange IT personnel,
with Thailand sending officials to observe operations in South Korea, and
South Korea sending experts to help a number of projects in Thailand such as
e-government proceedings. (TNA)
Local interest rates likely to rise in 2nd
quarter of next year
Local interest rates have already bottomed out and are
likely to edge up in the second quarter of next year, according to a top
financier. Pongsathorn Kunanusorn, senior executive vice president of
Secondary Mortgage Corporation said the interest rates should be considered
lowest now.
Pongsathorn also said the government-backed Vayupak Fund
was expected to begin offering unit trusts to investors next year. “Under
the circumstances, the excessive liquidity in the banking system would then
be absorbed to a certain extent. The liquidity excess is likely to drop
further in April next year when people completed personal tax repayment.
Given these factors, commercial banks would have an opportunity to increase
interest rates but in a gradual manner,” he said. (TNA)
Thailand to take part in next ASEAN+3 Summit in Bali
Thailand will join in the next summit of the Association
of Southeast Asian Nations (ASEAN), as well as Korea, Japan and China, known
as the ASEAN+3 Summit, scheduled to be held in the Indonesian island resort
of Bali on 7-8 October. Bali has made preparations for the summit by
increasing security and maintaining environment.
Indonesian President Megawati Sukarnoputri will hold a
state banquet for the ASEAN+3 leaders at the Tampaksiring palace in Gianyar
district. Spokesman of Bali Administration I Gde Nurjaya said the decision
to name Bali as the venue for the regional meeting is a very important step
after the world-renown island resort was attacked by terrorists on 12
October, last year, which killed many foreign tourists. He expressed hope
that the summit will help revive tourism industry in Bali, which was
devastated by the terrorist attack. (TNA)
BHP Steel appoints new president for BHP Steel Lysaght Thailand
BHP Steel (proposed new name Bluescope Steel) has
announced the appointment of Andrew Heycott to the position of President BHP
Steel Lysaght Thailand.
 Andrew
Heycott
Heycott has been with BHP Steel for over 18 years in
various executive, product management and marketing/sales positions. He
brings to the position extensive strategic management and hands-on
experience in the steel industry and manufacturing sectors. His appointment
was approved by BHP Steel’s Board of Directors.
Heycott will be responsible for the overall operations of
BHP Steel Lysaght in Thailand, which include production sites in Bangkok,
Rayong and Khon Kaen as well as sales and marketing offices in Chiang Mai
and Had Yai. BHP Steel Lysaght is currently the market leader in Thailand
for steel building products and produces quality roll-formed and coated
steel products under the well-known Lysaghtโ brand name.
“I’m looking forward to this opportunity and the
respective challenges of the position. BHP Steel Lysaght is proud of its
history in Thailand, and values the opportunity to conduct business here. As
Thailand’s construction, real estate and property markets continue on an
upward trend, I’m confident that BHP Steel Lysaght will continue to be an
integral player in building and construction markets,” said Heycott.
Former minister of finance brushes aside fears of bubble economy
The Thai economy has actually recovered without having to
worry the bubble economy will be repeated in the next two years, according a
leading economist. Giving a special lecture on “Future Thai Economy and
Insurance Business,” Dr. Veerapongse Ramangkul, former finance minister,
pointed out that the higher tax collection by the government showed
corporate performance had improved, domestic purchasing power had expanded
and recovery in the property sector had boosted business sectors such as
construction materials and transport.
“The government’s policy to inject money into the
grass-root level through many programs has stimulated national spending and
boosted psychological confidence. The economic recovery has gained momentum
with increase in exports, trade surpluses and foreign reserves,” said Dr.
Veerapongse. “Given these factors, the economy should continue to grow
without any worry about higher inflation,” he added.
Dr Veerapongse suggested that the way to cope with the
liquidity excess facing financial institutions was to accelerate lending
growth and float asset prices. (TNA)
Festival in December will showcase Thai goods
The government is preparing to organize a Thai
extravaganza in December to showcase some of Thailand’s highest quality
goods. The festival will take place in the Impact Exhibition Centre, Muang
Thong Thani, in Nonthaburi province.
Suwit Mesinsri, Assistant to the Prime Minister’s
Office Minister, said that the festival will include displays of “One
Tambon, One Product” (OTOP) goods, Thai food forming part of the
government’s ‘World Kitchen’ program, and fashion articles forming
part of the ‘Bangkok: Fashion City’ project.
Suwit said that other countries were already seeing
developments in Thai local products, and many had expressed their interest
in OTOP products during delegations abroad by Thai government ministers. He
cited the example of a recent trip to Singapore by Deputy Prime Minister
Somkid Jatusripitak, who also heads the OTOP facilitation committee, saying
that Singapore had praised Thailand for the OTOP scheme.
This October, OTOP products will be showcased at the
Board of Export Promotion’s international exhibition, prior to the Thai
Festival in December. OTOP goods displayed at the December festival will be
ones that had been awarded between three and five stars, of which there are
approximately 6,600 products. (TNA)
Cluster system gives helping hand to agricultural exports
Thai processed agricultural goods are gaining growing
recognition abroad, partly due to the cluster system of industries. Speaking
at the opening of the Thai Agro-SME Fair at The Mall Bang Kapi, which ran
from August 29 through September 2, deputy director general of the
Department of Industrial Promotion, Vim Roonggrout, said, “Thailand’s
processed agricultural goods have won increasing acceptance from the
international community, with products including herbal cosmetics and
processed food imported by major countries such as the US and Japan.”
Vim attributed part of this success to the division of
small and medium-sized enterprises (SMEs) into business clusters and added
that government agencies were working to boost added value by promoting the
creation of brand names. “This will not only wins greater recognition for
Thai goods, but ensures that producers maintain the quality of their goods
in order to keep up their reputations,” he said.
Over 200 processed agricultural goods were up for sale at
the Agro-SME fair, which included seminars on the creation of business
opportunities, special activities, short training courses and an
‘industrial clinic’ to offer advice and suggestions concerning the
industrial system. (TNA)
Private sector to propose five
topics to APEC leaders
A recent meeting of business advisors to the Asia Pacific
Economic Cooperation (APEC) grouping has drawn up a list of five topics to
be discussed during the APEC leadership summit in October.
Deputy president of the Federation of Thai Industries (FTI)
Chavalit Nimla-or said, “The APEC Business Advisory Council’s (ABAC)
list of topics comprised the preservation of free trade agreements, security
issues insofar as they facilitated trade and investment, the promotion of
industrial capability in its role as the core driver of growth and regional
equality, the importance of good governance, and business facilitation.
These topics will be forwarded to the APEC leaders, scheduled to meet in
Bangkok on 19-21 October.”
Thailand will focus on a cooperation balance among the
various APEC member states in order to ensure sustainable development for
all sides in accordance with the APEC theme of global diversity and
partnerships for the future. (TNA)
Thailand offers economic model
to other countries
Thailand’s model for economic success, which has seen
the Thai economy put firmly back on track following the devastating economic
crisis of the 1990’s, looks set to be used as a model for developing
countries across the world, with Prime Minister Thaksin Shinawatra pledging
to the International Monetary Fund (IMF) that Thailand will share its ideas
and experiences with other countries trying to overcome economic
difficulties.
Speaking in the wake of the two-day Asia Pacific Economic
Cooperation (APEC) Finance Minister’s Meeting 2003 which ended in Phuket
on September 5, Thaksin stressed the importance of countries across the
region to help developing nations, advocating that countries with excess
capital offer it up to developing countries in the form of Asia Bond in a
bid to eliminate poverty.
He also spoke of Thailand’s parallel approach to
solving economic problems, noting that many other countries, including the
United States, had praised the approach for its ability to generate a social
balance.
“Using the language of economics, other countries have
explained the Thai approach as one of social capitalism, which mixes the
good parts of socialist economics with those of capitalist economics,”
Thaksin said.
During the APEC meeting the prime minister had
opportunities to talk with US Treasury Secretary John Snow, along with IMF
managing director Hortz Koehler, with talks centering on cooperation to
stamp out terrorism and the promotion of the Asia Bond. (TNA)
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