Beetle to stage a comeback

Sun Auto Import Co. said it will launch the new Volkswagen Beetle to the market this November after the right-hand drive model is introduced in England next month. A company manager said the company hopes to sell about 30 cars each month, at about Baht 2 million each. The company believes the new-age Beetle is able to match the old beloved versions which conquered the road here 20 to 40 years ago. The new Beetle will come from England.

Sun Auto Import, formerly Benz Autobarn (Thailand), has been in the ‘gray market’ for 7 years importing a number of both European and Japanese-made cars for niche markets. The company also imports and sells Toyota Prado 4WD multipurpose vehicles. “More cars will be available to the market next year,” said Jin Mongkolyos, managing director.

The Sun Auto Import Co. is selling about 25 units of import cars each month. Sun Auto also imports Mercedes S Klass and E Klass models.

The company said it is not competing with the SEC Group, which is the largest independent car importer, since the product is different.

Jasmine eyes 4-5 more troubled ISPs

Jasmine International Plc. plans to either buy into or take over more Internet service providers in Thailand, while negotiations with Info Access Co. has been in an advance stage. “There are 4 or 5 local ISPs which are now in trouble financially and Jasmine wants to step in,” said Dr. Srisak Jamornmarn, chairman of Internet KSC, the country’s largest ISP, of which Jasmine Group partly owns.

“Jasmine is to buy 65% of Info Access, which is owned by the ailing Wattachak Group,” Dr Srisak said. “The only burning topic is who will be responsible for the Baht 40 to Baht 45 million debt Info Access owes to creditors and the Communication Authority of Thailand,” he said. Jasmine has won financial backup from Angel Capital, which is an international investment group. Jasmine is also planning road shows to overseas markets, he said.

Jasmine’s also says its fixed-line phone network in the provinces will help speed up Net connections. The company can fully utilize the phone network with the Internet services.

The telecommunications group also plans to lead in providing IP-based telecom services.

Currently, about 180,000-200,000 surfers are logging on to the Internet, with a 20% to 30% annual growth rate.

Military will not buy new TMB shares

The Royal Thai Army and Television Channel Five Co., the two key shareholders in Thai Military Bank, will not acquire the bank’s new shares to be issued in a capital increase plan - a decision which would end the military’s domination of the bank. TBM has said it will follow Siam Commercial Bank in applying for the government’s Tier 1 assistance program, while planning road shows to foreign markets.

About 80 to 100 international investors have expressed interest in buying TMB shares.

TMB last week asked the board of executives to approve an increase in registered capital to Baht 30,649,672,000, from Baht 10,149,672,000, by issuing 50 million new common shares and 2,000 million other preferred stocks - with a 5-year maturity period - to the ministry of finance. TMB needs capital to increase the bank’s loan-loss provision level to 100%, or Baht 26 billion, from Baht 17 billion.

TMB president Dr Thanong Pittaya said the share price will be established soon.

Both Gen. Surayuth Julanon, the Army Chief and chairman of the board of executives, and TMB chairman Gen. Vimol Vongvanich have made clear the military’s exit because of a lack of funds.

Thai-made cosmetic products eye Asian markets

The ‘Spices’ brand of Thai made cosmetics will be sent to Hong Kong, Taiwan and Singapore later this year, while Japan will be the next market in early 2000. “The products will also join an international cosmetic exhibition and trade fair to be organized here later this year,” said Muthita Maneesin, PR manager of SSUP, the manufacturer.

Hong Kong and Singapore will come first as the two island resorts have been heaven for shoppers in Asia, while Japan will be more difficult for the product as most quality brands in Asia have been produced in that country, said Miss Muthita. The product has been well accepted in the domestic market since its launch a year ago, she said. Sales have double since last year.

Spices, which targets teens and young working ladies between 17 and 24 years of age, is available at counters in leading department stores. The cosmetics will go up to BTS terminals in December this year.

Foreign creditor demands shares in BTS train system

The Thanayong Group, owner of the Bangkok Transit System Co., has been in negotiations with Credit Suisse First Boston on the demands that BTSC transfer shares to the Switzerland-based bank. The move by the Swiss banking group has been interpreted by financial sources as a bid to take over Thailand’s first electric train system.

It was rumored in the past week that the Swiss group had bought most of the Baht 3.2-billion to Baht 3.5-billion debt BTSC owed to the Siam Commercial Bank, as the Thai bank is striving to restructure its own debts. SCB is the leading manager of the Baht 55-billion syndicated loan for BTSC. CSFB has demanded BTSC shares to be collateral against the loans it bought, said the sources.

CSFB reportedly bought BTSC debt from SCB at full cost.

Thanayong sources, however, said they know nothing about the move by the Swiss group, but negotiations have been under way to refinance the debts it owes to SCB.

BTSC also owes billions of baht to Germany’s KfW bank.

Thai-made Y2K card wins more markets

Smart Solutions Network Co. is to send new MT 2000 Y2K cards to the US and China after the previous version of the card was successful in the two respective markets. The new cards, which are more effective and easier to use, will help personal computers pass into year 2000 smoothly with a special checking function called BIOS Award 4.50 G.

Among the new markets are Brazil, India and Indonesia, said Tawan Chandaeng, chairman of Smart Solution. The company is yet to authorize dealers in those countries, he said. MT 2000 cards are recommended by the Chinese government to be an anti-Y2K tool used by ministries and state agencies, Tawan said.

Smart Solution has also been negotiating a deal to supply Indonesia’s ministry of communications and industry.

The company is set to launch its new products in early 2000 to tap into the e-commerce market.

Marketing of the MT 2000 cards will cover all the provinces next month.

Web crime: More Thai-owned sites hacked, stolen

The police have again been caught in a battle between a Web master and a hacker who broke into the security system of a locally-owned Web site and had its ownership changed. Though the hacker has been identified, the Economic Crime Division of the National Police Office is still reluctant to act, said owner of the site.

Pasapol Aimpanthong, who constructs the ‘Narak’ (or lovely) site, said the site was hacked on September 9, the domain name registered with the US-based agency was changed, and the site was not accessible any more. The hacker, who now possesses the site with a new domain name, has been identified as Pavee Kullachan, a Thai national.

The National Police Office was notified of the ‘robbery’ by e-mail.

Police officers responded that there is no law to protect ownership of domain names, and no law covering that type of robbery.

Several other Thai-owned domain names have been robbed, mostly by hackers who are in Web publishing and registering services.

Copyright 1999 Pattaya Mail Publishing Co.Ltd.
370/7-8 Pattaya Second Road, Pattaya City, Chonburi 20260, Thailand 
Tel.66-38 411 240-1, 413 240-1, Fax:66-38 427 596; e-mail: [email protected]
Updated by Chinnaporn Sangwanlek assisted be Boosiri Suansuk