Siam Makro yesterday reported to the Stock Exchange of Thailand that the company had acquired major stakes in a number of food businesses in Singapore, Hong Kong and Dubai with combined value of Bt3 billion.
The company told the SET that in accordance with a resolution of its board of directors on August 8, its wholly owned subsidiary Siam Food Services Ltd had entered a sale and purchase agreement dated October 31 to acquire 80-per-cent interests in certain companies engaged in food services.
Siam Makro executives declined to reveal any details about the acquisition deals.
The companies involved are Indoguna (Singapore), Indoguna Dubai, and two businesses incorporated in Hong Kong, Lordly Company and Just Meat Company. Total transaction value is about 117.6 million Singapore dollars (just under Bt3 billion).
The company’s sources of funds for the acquisitions are its own capital and a credit facility from a financial institution.

CABINET APPROVES PEA PROJECT
The Cabinet yesterday gave a green light to the Provincial Electricity Authority (PEA) to proceed with the first phase of its transmission and distribution system development project with investment worth Bt62.68 billion.
Nattaporn Jatusripitak, an adviser to the commerce minister, said that of the total investment, Bt47.01 billion would be financed by local borrowings and Bt15.67 billion from the PEA’s earnings.
The project aims to increase capability in distribution of electricity to cope with higher demand, he said.
Meanwhile, the Cabinet also approved a corporate-income-tax waiver for companies or juristic persons who install electronic data capture (EDC) to increase the efficiency of Thailand’s national e-payment programme, Kobsak Pootrakool, vice minister for the Office of the Prime Minister, said after the Cabinet meeting yesterday.
For fees paid to EDC-providing banks, merchants can ask for a double tax deduction. Merchants who buy a new EDC device can seek a tax deduction on its depreciation.
The tax incentive is aimed at promoting electronic payment.
Under the second phase of the national e-payment scheme, EDC expansion, there should be 2 million EDC points nationwide, but there are only 300,000 so far.

NEW VIETJET ROUTES
VietJet has launched two new routes departing from Vietnam’s capital city, Hanoi, to Taipei and Hue, an ancient city in central Vietnam.
The latest routes have been introduced in response to increasing demand from tourists and other individuals.
The introduction of the new flights will also serve the Thai outbound market, offering convenience to passengers wishing to travel to Hanoi and then on to other destinations in Vietnam and Taiwan.