Thai AirAsia is in talks with local and foreign financial institutes to secure loans to boost liquidity this year, said its executive chairman Tassapon Bijleveld.
The low-cost airline is also consulting a financial adviser on options to boost liquidity, including issuing new shares or taking loans. There would be good news in the next two weeks, said Tassapon, adding that Thai AirAsia would not fall out of the business.
He said seven local airlines were now seeking credit to boost their liquidity, instead of waiting for soft loans from the government.
The seven airlines have held several rounds of talks with state agencies and ministries for soft loans to counter the economic impact of Covid-19, but loans are yet to be granted.
Gulf Energy Development (Gulf) will acquire 70.5 per cent of Global Mind Investment Management (GMIM)’s ordinary shares from Nech Opportunities Fund VCC worth US$40 million (Bt1.2 billion) on Thursday.
“The objective of this acquisition is to further expand investments in Vietnam,” said Yupapin Wangviwat, Gulf’s executive director and chief financial officer.
She added that the transaction will be made through Kolpos, Gulf’s fully-owned subsidiary that was incorporated in Singapore.
GMIM, a holding company set up in Singapore, has both direct and indirect investments in renewable energy businesses such as solar energy, hydropower and wind energy, infrastructure businesses such as cargo port and warehouse, as well as agriculture-related businesses in Vietnam.
Bangkok Bank announced on Thursday that it would undertake maintenance of its mobile banking system on Saturday, January 16, from 1.30am to 6.30am to enhance service efficiency and better serve its customers.
The bank said it would like to apologise for any inconvenience caused by this temporary maintenance. Its customers will not be able to use the Bangkok Bank Mobile Banking app during that time.
However, Bualuang iBanking, Biz iBanking and other services will be available as usual.
PTT Global Chemical Plc (PTTGC) is developing a merger-and-acquisition plan with a focus on businesses where it still has production lines, said chief executive officer Kongkrapan Intarajang.
The M&A plan will become clearer as the year progresses, he added.
He explained that the Covid-19 fallout meant some companies were now considering selling businesses at low prices, opening opportunities for M&A deals.
PTTGC is expected to invest between Bt30 billion and Bt50 billion this year on business development. However, this amount does not include the M&A budget.
Coca-Cola severs longtime ties with pro-sugar industry group
CorporateJan 14. 2021Delivery trucks sit parked outside a Coca-Cola Co. bottling plant in Lexington, Ky., on Feb. 10, 2020. MUST CREDIT: Bloomberg photo by Luke Sharrett.
By Syndication Washington Post, Bloomberg · Brett Pulley
Coca-Cola Co. has ended its long association with the International Life Sciences Institute, a blow to the powerful food organization known for its pro-sugar research and policies.
The beverage giant ended its membership at the “global, regional and country level” as of this month, Coke said in a statement in response to inquiries from Bloomberg News. The decision was made after a routine review, the company said without offering additional details.
The departure is a major setback for ILSI at a time when health-conscious consumers are increasingly turning away from sugar-laden beverages. The group, which was created in 1978 by a former Coke executive, still lists companies such as PepsiCo, Kellogg and McDonald’s as members, but Coke had been a prominent supporter and financial backer.
Those companies didn’t immediately respond to a request for comment on whether the group’s membership list is up to date. ILSI didn’t respond to requests for comment.
ILSI has come under fire in recent years for its role in influencing government health and nutrition policy around the world, acting as what some scientists and health experts have called an advocacy-oriented front group for its corporate members. The group has promoted the industry-friendly idea that physical exercise, not a change in diet, is how to combat obesity, according to a 2015 New York Times report. It has exerted influence around the world, including in a multidecade effort in China that was detailed in the Journal of Health, Politics, Policy and Law, as well as in India and Brazil.
Citing the growing criticism, candy maker Mars left the organization in 2018, and Nestle exited at the regional and country levels in January of last year.
Coke made the decision last year to sever ties, Mark Preisinger, the company’s director of corporate governance, said in an October letter viewed by Bloomberg that was sent to the Park Foundation, a non-profit organization that has been critical of ILSI.
Corporate Accountability, a watchdog group that also has called out ILSI, said the move suggests Coke now sees “more risk than reward” in sticking with the organization.
“For decades, ILSI has been Coca-Cola’s accomplice interfering in and blocking policies that aimed to safeguard people’s health and wellbeing across the world,” Ashka Naik, research director at Corporate Accountability, said in a statement.
Coke’s shares were little changed at 11:25 a.m. in New York. The stock fell 0.9% last year amid pandemic-driven closures of sporting arenas, amusement parks and other venues, and the company has cut jobs.
CorporateJan 13. 2021Acting THAI president Chansin Treenuchagron
By The Nation
Thai Airways International (THAI) on Wednesday insisted its rehabilitation plan is progressing without interruption under Bankruptcy Court supervision.
The announcement came after the court granted THAI’s request to extend the deadline for submission of the plan from January 2 to February 4.
Acting THAI president Chansin Treenuchagron explained the rehab plan involved many creditors and complex issues that required consultation from experts and professional advisers before its submission.
The court approved the airline’s rehabilitation petition on September 14 last year and appointed seven rehab planners nominated by the airline.
Chansin said the planners were making good progress, while THAI management and staff were cooperating towards their efforts.
Blackstone buying Lucasfilm facility in Singapore for $132 million
CorporateJan 13. 2021Lucasfilm’s facility in Singapore is modeled after the Sandcrawler, a fictional vehicle in the “Star Wars” films. MUST CREDIT: Bloomberg photo by Nicky Loh
By Syndication Washington Post, Bloomberg · Faris Mokhtar
Blackstone Group Inc. is looking to purchase Lucasfilm’s building in Singapore for about $132 million (S$175 million), according to people familiar with the matter.
The company has started the process of buying the building known as The Sandcrawler, pending regulatory approval, the people said, requesting not to be named because the matter is private.
The move signals Singapore’s property assets continue to be attractive to foreign investors, who see the city’s political, financial and legal stability as an advantage. Other American companies including Amazon.com Inc. and Facebook Inc. are also expanding their presence, while China’s tech behemoths like Tencent Holdings Ltd. and ByteDance Ltd. are looking to make Singapore a beachhead for Southeast Asia.
The facility, located in central Singapore, has eight floors of office space. It also includes a retail shopping area, a 100-seat theater and lush gardens which accent its modern exterior. The building opened to much fanfare in September 2013, with Lucasfilm founder George Lucas and the city-state’s Prime Minister Lee Hsien Loong attending the launch.
Modeled after the Sandcrawler, a fictional vehicle featured in the “Star Wars” films, the building was used as the regional headquarters for the digital animation studio and also served as the base for The Walt Disney Company (Southeast Asia).
Singapore’s home prices are also seeing a recovery, rising to the highest in more than two years last quarter. The country forecasts a recovery from its worst recession since independence as covid vaccinations are rolled out and restrictions eased.
Export-Import Bank of Thailand (Exim Bank) on Tuesday launched a debt moratorium measure to help customers living in red-, orange- and yellow-coded provinces in order to mitigate the Covid-19 impact.
This measure will enable customers in all industries to request for up to six months moratorium on principal debt, while customers in industries related to food processing, frozen seafood, fruits and vegetables can request for up to three months moratorium on interest debt.
“Customers can request for a moratorium via the website www.exim.go.th or contact bank officials until March 31 this year,” Exim Bank President Pisit Serewiwattana said.
Pisit said the bank is closely monitoring the Covid-19 situation, adding the bank had granted debt moratorium to over 1,400 customers, totalling Bt36.85 million last year.
“This measure aims to relieve customers’ sufferings due to the Covid-19 outbreak, such as material and labour shortage, increasing import and export costs and buyers’ rejection of products,” he added.
Oil company Susco plans to invest Bt2 billion over five years, with the goal of having 300 gas stations nationwide by the end of 2025.
“This plan should help increase the company’s market share beyond the current 3 per cent,” said Chairit Simaroj, managing director of Susco Plc.
“This year, we plan to invest Bt550 million to add 20 gas stations to our existing portfolio of 240 stations nationwide, as well as renovate 50 stations in Bangkok and big cities.
“We estimate this year’s sales to expand by 20 per cent over last year when the company’s sales plummeted due to the Covid-19 outbreak and lost revenue from jet fuel export, which should return to normal by the second to third quarter of this year,” he added.
Susco will also focus on non-oil businesses by adding Lawson 108 convenience stores, Starbucks and D’Oro coffee shops, KFC and Subway restaurants to their gas stations.
“We estimate that revenue from non-oil businesses will surpass Bt100 million within 3 years,” adds Chairit.
“One of the silver linings from the Covid-19 outbreak is that many land owners have put their lands up for sale at lower price than before the pandemic, which has enabled us to establish new gas stations at a lower cost,” said Chairit.
“Susco has also employed several cost-saving measures which have helped us maintain our business goals without downsizing.”
Chairat added that the investment plan for 2021 had been prepared in November 2020 and therefore did not factor in the second wave of Covid-19, which started in December.
“We will evaluate our oil sales by the end of January to see if any adjustment to the plan is needed,” he added.
Charn Issara Group is calling on the government to co-pay salaries of people in the tourism business, especially in hotels, for at least a year to mitigate the impact of the Covid-19 outbreak.
Songkran Issara, chief executive officer of Charn Issara Development Public Company, said the governments of some European countries are subsidising wages by 80 per cent for as long as one year to encourage businesses to not lay off workers.
He said that once the private sector runs out of money, it will have to lay off staff, which means the government will still have to step in to help people.
Delivery trucks sit parked outside a Coca-Cola Co. bottling plant in Lexington, Ky., on Feb. 10, 2020. MUST CREDIT: Bloomberg photo by Luke Sharrett.
Acting THAI president Chansin Treenuchagron
Lucasfilm’s facility in Singapore is modeled after the Sandcrawler, a fictional vehicle in the “Star Wars” films. MUST CREDIT: Bloomberg photo by Nicky Loh
Pisit Serewiwattana
SootinClaimon.Com 