At the 2022 Annual General Meeting of the Provincial Press Association of Thailand (57th PPAT), Mr Thongdee Paso, Managing Director of Ajinomoto (Thailand) Co Ltd received an honorary plaque as ‘The Outstanding Supporter’ in the category of company who contributes to Thai society and local community.
The award was presented by Mr Thana Cheeravinij, Secretary to the Minister of Agriculture and Cooperatives, while the event was honorably presided over by Mr Jurin Laksanawisit, Deputy Prime Minister and Minister of Commerce at The Emerald Hotel, Bangkok.
In this regard, Ajinomoto also promoted the education of children of journalists under the Provincial Press Association of Thailand by continuously supporting its education fund for the 14th consecutive year.
Announcement from Bitkub Blockchain Technology Co., Ltd. on August 30, 2022.
According to the Securities and Exchange Commission, Thailand news (135/2565), heading: SEC uses the Civil Penalty to the offender who uses insider news for KUB Coin trading on August 30, 2022.
Bitkub Blockchain Technology Co., Ltd. (“Company”) would like to clarify that Mr. Samret Wajanasathian is still holding a position as Chief Technology Officer : CTO until the enforcement of the law, which the company will keep update about this issue.
We would like to confirm that Bitkub Blockchain Technology Co., Ltd. (“Company”) is not involved and affected by the issue and Bitkub Chain still operates as usual.
We still intend to develop Bitkub Chain to be the digital infrastructure for mass adoption in Thailand as provided in Bitkub Chain White Paper. We intend to democratize the opportunities for everyone to have real ownerships and rights to own the digital asset to show the real economic value via a real-life and impactful use cases for businesses.
Best Regards Bitkub Blockchain Technology Co., Ltd.
Mr. Samret Wajanasathian clarify on his own Facebook as follows: “According to The Security and Exchange Commission announcement regarding my KUB Coin purchasing during September 4, 2021 to November 2, 2021, I would like to sincerely declare my statement towards this issue.
“I knew the laws concerning insider trading quite well that when I was on the project, I was not able to purchase the KUB Coin. Thus, the only time that I could buy the KUB Coin is when the project has ended or has not started. Previously, I would have wanted to buy KUB Coin at the price below 30 baht, but unfortunately I could not due to my ongoing project called “Morning Moon Village”. Eventually I had to wait until the “Morning Moon Village” project opening took place. Then, after the project opened, I had a chance to buy the KUB Coin at the price approximately around 30 – 32 baht. If I did not decide to buy at that time, the upcoming project would start and I would have missed this price. However, before that, I personally purchased it as a fee credit on Bitkub Exchange only.
“As soon as the Security and Exchange Commission announced, I could ensure that as one of Bitkub Blockchain Technology Co., Ltd.’s management team, I had no ideas regards to SCB Deals. If I had known about those deals, I would have sold all my coin including WAN, SNT, BNB and Ethereum, which the total value of these coins is around 4 million baht and all in the fund to the KUB Coin. Personally, the total amount of KUB Coin is quite close to these coins (60,000 KUB) which is quite normal but it is the coincidence to the deal.
“The aim to purchase KUB Coin was for long term investment. As you can see, if I would intended to buy the coin for a short term profit, I would have sold all the coins to earn the margin already. The fact is that those coins still remain in my wallet until this moment I declared myself. Only a little amount of coins was used to redeem as a fee credit in Bitkub Exchange.
“From the above mentioned statement, I was already informed by the Securities and Exchange Commision but they still punish me without the lucid evidence so that I would like to insist that I will defend the issue. With all of my intention, I still insist that Bitkub Chain development is my priority as committed for Thai people. Bitkub Chain will be the digital infrastructure for mass adoption and democratize opportunities for everyone.”
The Securities and Exchange Commission (SEC) ordered Bitkub chief technology officer Samret Wajanasathian on Tuesday to pay a fine of 8.53 million baht and barred him from holding an executive position for 12 months in an alleged insider-trading case.
Tuesday’s order came after the SEC in May hit Bitkub, Thailand’s largest cryptocurrency exchange company, with fines for failing to comply with market regulations before listing the platform’s native token KUB.
Last week, Siam Commercial Bank (SCB) backed out of a 17.8-billion-baht deal to purchase a majority stake in Bitkub, citing unresolved issues with the SEC.
The insider-trading case stems from an incident last November, when the SCB acquisition plan was first announced.
According to the SEC, Samret, allegedly armed with this information, purchased 1.99 million baht worth of KUB tokens. Upon public announcement of the planned deal, the price of KUB subsequently rose by 101 per cent – from 49.53 baht to 99.99 baht.
The SEC ruled that Samret had violated Sections 42(1) and 43(1) of the Royal Decree on Digital Asset Businesses BE 2561 (2018) and therefore fined and suspended him from the executive post according to Sections 70 and 72 of the decree.
The SEC warned it would take the case to court if Samret refused to pay the fine.
Thailand, August 30, 2022: Avaada Ventures Private Limited (Avaada Group Company), the Indian investment partner of Global Power Synergy PLC (GPSC), the listed innovative power flagship of Thailand’s national energy company PTT Group, has signed an MoU for USD $5 Billion Green Ammonia plant with Rajasthan Government.
Avaada Group, India’s leading integrated energy enterprise, signed a Memorandum of Understanding with the Department of Industries and Commerce, Government of Rajasthan, on Wednesday (August 24), to set up a Green Ammonia facility and a Renewable Energy power plant in Kota, Rajasthan. The MoU signed as part of the Investment promotion strategy for the Investment Rajasthan Summit held in New Delhi proposes an investment of $ 5 Billion crore while also providing direct employment opportunities to about 3,500 people and indirect jobs to over 10,500 people.
Calling the collaboration a game changer for India’s green push, Mr. Vineet Mittal, Chair, Avaada Group, said, “Green energy transition is vital to the country’s Atmanirbharta and will pave the way towards net-zero goals. Aligning with the nation’s vision of self-reliance, at Avaada, we aim to make India energy independent by focusing on green energy security.”
“GPSC investment in Avaada Energy Private Limited (Avaada Group Company) will indeed support the group mission to become leading player in renewable enegy in India which will surely benefit the partnership. We will take this association to build and reach newer Renewable Energy (RE) targets, and this investment in Rajathan is another step in that direction,” said Vineet Mittal, Chair, Avaada Group.
“At Avaada, we believe that business and sustainability go hand-in-hand. We are grateful to the Government of Rajasthan for this partnership. It will help strengthen India’s green energy revolution, led by Hon’ble Prime Minister Narendra Modi, as we make significant investments in innovative clean energy solutions to support the country’s exponential growth in the renewable energy sector,” he added.
Elaborating on the clean energy technology, Mr Mittal further explained that the biggest advantage of Green Hydrogen is that it burns clean, leaving only water vapour behind. He further said, “For industries that require high-temperature heat, such as foundries and glass and steelmakers, this could be ground-breaking as it will not only replace fossil fuels with renewable sources but also produce green ammonia and a substitute for gas.”
About Avaada Group
Avaada Group is India’s leading Renewable Energy (RE) company with diverse business interests in Solar Module Manufacturing, Electrolyser manufacturing and Green Ammonia production. Avaada is one of the fastest-growing business groups having commissioned few largest solar projects across 11 states in India.
Avaada Energy, established in 2017, is the flagship company of the Avaada Group with a current RE portfolio of ~ 5 gigawatts (GW) of which ~ 3 GW is operational and balance under advance stage of construction. Avaada Energy installed 1 GW in the calendar year 2021 which is the largest among all the renewable energy IPPs in India, despite COVID challenges. Avaada Energy has unmatched quality standards and targets a portfolio of 11 GW of RE projects by 2025 and 30 GW by 2030.
Earlier Avaada Energy (*Welspun Energy) monetized the installed capacity of 1.2 GW with Tata Power Renewable Energy in a deal valued at US $ 1.4 bn in 2016.
Avaada Energy is now executing an integrated solar manufacturing plant with a facility to produce polysilicon, wafer, cells and modules with a cumulative capacity of 10 GW by 2030. The plant’s first phase consisting of cells and modules will be operational in 2023 and will cater to the domestic as well as international markets. Avaada Group is getting future-ready and has diversified in Green Hydrogen / Ammonia, targeting a cumulative capacity of 4 MTPA per annum by 2030 to cater to domestic as well as foreign markets. The group is also geared up for a new segment of business involving the manufacturing of electrolyser, where it will pursue a manufacturing capacity of 1 GW per annum.
Avaada Energy known for its rich expertise in EPC makes it a leader when it comes to its track record for executing end-to-end solutions. Avaada’s path-breaking technological solutions, capacity, quality, execution speed, and total cost of ownership attracted equity funding from marquee investors from across the globe. Avaada backed by global finance majors like Asian Development Bank (ADB), DEG (Germany), FMO (Netherlands) and Proparco (France) speaks of its impeccable track record and project execution capabilities. Subsequently, Avaada Energy got an equity participation of ~ USD $ 475 mn form globally renowned Fortune 500 oil and gas company PTT Group, Thailand in 2021.
*Welspun Energy was established in 2010 with an installed capacity of 1.2 GW in 2016, being India’s largest renewable energy company. In 2016, assets were monetized with sales to Tata Power (one of the largest conglomerates in India) in a deal valued at US $ 1.4 bn. The monetisation process followed the demerger of Welspun Energy, and the firm was rechristened Avaada Energy. Since its inception in 2017, Avaada Energy has grown significantly and today has a portfolio of 5 GW of operational and under construction capacities.
JSL Global Media has sold its building so that it can pay 32 million baht as compensation to laid-off employees in one lump sum instead of disbursing the amount in instalments as announced earlier.
Decha Kittiwitthayanun, a celebrity lawyer who has stepped in to help the employees fight the case, announced on his Facebook wall that he would lead the workers to receive the compensation at the Area 4 Employment Office at 9.30am on Wednesday.
Decha announced that Labour Minister Suchart Chomklin would be present to witness the compensation payout.
“Please spread this news. I did this job for workers. And the Labour Ministry should be credited for stepping up pressure on JSL until it agreed to pay every satang of the compensation of over 30 million baht to the workers. It has sold the head office building to raise the money,” Decha said in his post.
JSL Global Media announced at the end of June that it was immediately ceasing operations and had to lay off all staff mainly because of losses.
The company announced on its Facebook wall on July 5 that it owed 32 million baht in compensation to the staff but due to its liquidity crunch, it could pay only 16 per cent of the compensation amount at the end of June and another 9 per cent at the end of July. It said it would pay the rest of the compensation in monthly instalments as per the company’s ability to earn money.
But Decha led 79 former JSL employees to file complaints against the firm at the Area 4 Employment Office, alleging that JSL was violating the labour protection act of BE 2541.
The planned merger of telecom giants sparked more public opposition on Monday as a civil society group petitioned the National Broadcasting and Telecommunications Commission not to accept the deal.
Promsorn “Fah” Weerathamcharee, representing a civil group for communication freedom, submitted a letter opposing the merger of True Corporation and Total Access Communication (Dtac) at NBTC headquarters in Bangkok.
NBTC Office acting secretary-general Trairat Wiriyasirikul came out to receive the letter.
In the letter, the group called on the NBTC to exercise its power to reject the merger deal on grounds that it would damage consumer interests by creating a near monopoly of telecom services.
The letter also expressed disagreement with the NBTC petitioning the Council of State, the government’s legal advisers, to decide on whether the commission has the authority to consider the merger.
The Council of State replied on July 27 that it would not accept the request for deliberation, prompting the NBTC to ask the prime minister on August 25 to order the Council of State to accept the request.
The civil group argued that the NBTC is an independent organisation under the Constitution and so should not bow down to the government.
It noted that Section 60 of the charter requires the NBTC to supervise telecom businesses to ensure free and fair competition by taking the public and national interests into account.
If the merger is approved, different service costs would rise in a range from 2.03 to 244 per cent as competition would be reduced from three major telecom players to two, the group added.
It also voiced concern that a merger would victimise small retailers, as the merged firm would use its own retail channels to sell SIM cards. CP Group, the parent firm of True Corp, also owns 7-Eleven and the Lotus retail chain.
On August 24, the NBTC voted 3:2 to ask the Council of State via the PM’s Office to consider whether the NBTC has the power to stop the merger.
A month earlier, True and Dtac executives held a joint press conference to declare that the NBTC had no power to stop the merger, saying the telecom law allowed the deal to go ahead without permission from the telecom watchdog. The two firms said the NBTC only had power to regulate the merged firm via consumer-protection measures.
The NBTC’s August 24 meeting also considered a joint letter from True and Dtac asking the telecom watchdog to speed up its decision.
True Corp has launched a public campaign on its TrueVisions network, saying the public would stand to gain from the new technology firm that would be set up after the merger.
The NBTC responded by publishing “five facts about True-Dtac merger” on its website on Thursday. The “five facts” indicated negative impacts from the merger.
The next day, True and Dtac complained that the “five facts” post had caused public misunderstanding, damaging their reputations and business.
The NBTC then hastily removed the post from its website.
Establishing confidence in the “Mothership” strategy to become a regional financial technology group
Bangkok, August 29 – SCB X Public Company Limited (SCBX) has had its credit rating published for the first time by international rating agencies Moody’s Investors Service and Fitch Ratings. Moody’s has issued SCBX a “Baa2” Foreign and Local Currency Long-Term Issuer Rating, while Fitch has assigned SCBX a “BBB” Long-Term Issuer Default Rating. SCBX is the first financial holding company in Thailand to be rated “Investment Grade”, which reflects SCBX’s solid financial position and prudent risk management framework by global standards. It also bolsters confidence in SCBX’s plan to transform the company into a regional financial technology group creating long-term value and sustainable growth.
Both Moody’s and Fitch regard SCBX as an “Investment Grade” issuer. SCBX’s ascent to become the ultimate parent of the group is reflected in its solid governance framework, robust capital and liquidity management, and resilience in the face of adverse conditions, all of which contribute to its strong credit ratings.
SCBX has established a solid financial foundation with a vision to be a regional financial technology group. The company’s long-term objectives include amassing a client base of over 200 million, operating as a platform that connects the ecosystem at home and abroad, joining the high-growth consumer loan market, and integrating the digital asset business into the group to generate value rapidly.
Manop Sangiambut, Chief Finance and Strategy Officer of SCBX, said “We are delighted to have received solid “Investment Grade” credit ratings from reputable international rating agencies. This rating will be crucial for our fundraising in the future. We are confident that this development will broaden investor confidence in the company. SCBX will continue to build financial strength in order to invest and create shareholder value in the foreseeable future.”
The baht opened at 36.46 to the US dollar on Wednesday, weakening from Tuesday’s close of 36.38.
The currency is expected to move between 36.30 and 36.55 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.
He said the baht is likely to fluctuate across a wide range and could weaken as the dollar is strengthening.
Poon however speculated that the baht would not weaken past its key resistance level of 36.50 as exporters are waiting to offload the dollar at that level.
Moreover, foreign investors do not appear to be in a hurry to sell their Thai assets and Poon believes they will in fact purchase more Thai stocks as prices head down while investors are wary of taking risks in the US and European stock markets.
However, he noted the baht could be volatile today, Wednesday, especially as China announces various economic results.
If the Chinese economic data is much worse than expected, it might pressure Emerging Asia assets or cause currencies to weaken, he said.
Meanwhile, the baht might fluctuate as the dollar and euro might come under pressure if investors are certain the European Central Bank would decide to increase the interest rate, Poon pointed out.
The strategist advised investors to use hedging tools such as options to manage risks in a highly volatile currency market.
Thai investors could pick up more equities and bonds, as the two asset classes are available at attractive prices amid global clues of peak inflation and recession, said Eastspring Investments, a leading Asia-based asset manager.
Speaking at a seminar titled “Investment Outlook: Different World, Different Playbook” on Tuesday, the chief investment officer of Eastspring Asset Management (Thailand), Yingyong Chiravutthi, said that economic and investment outlooks are related but not on the same page.
It means that even though the situation of the current global economy appears quite dim, there is always some path to profit from the market, said Yingyong.
He said that equities and bonds are beginning to trade at attractive prices. During this time, investors are advised to diversify and invest more in equities, whether in the US, China, Vietnam or Thailand, as opposed to bonds.
“Regarding equities, we retain a positive view of US shares, particularly growth stocks. We believe that peaking inflation and interest rates present opportunities to buy longer-duration bonds. After the interest rates were raised 2-3 times, the market has started to recover and generate good returns,” said Yingyong.
He added that when inflation and interest rates start to decrease, growth stocks tend to perform better.
In Chinese equities, the company believes that investors will continue to benefit from low-interest rates and the Chinese government’s supportive measures.
Still, concerns may loom over China’s real estate debt over the next 3-6 months.
“Vietnamese equities are suitable for long-term investment while we are quite positive on Thai equities, especially low-volatility and high-dividend stocks, since they will be less affected by the global economic slowdown as well as global political issues,” Yingyong noted.
Niwet Hemavachirawarakorn, a leading investment expert in Thailand who spoke at the seminar, concurs with the advice to invest in Vietnamese equities. He described Vietnam as one of the most promising markets for long-term investment due to the fast-growing economy, low-cost skilled labour, and high consumption market.
Eastspring Investments chief investment officer Bill Maldonado noted that inflation had started to decline, a little accomplishment for the US Federal Reserve which jacked up interest rates to curb high inflation.
In this scenario, Maldonado suggested that investors consider low volatility, value and dividend-paying stocks, while the peaking inflation presents opportunities to buy longer-duration bonds.
Regarding Chinese equities, he predicted more aggressive fiscal and monetary policies in the second half of 2022, which will benefit China’s A-share market.
As for the overall Asian economic outlook, Maldonado said that consumption is likely to continue to shift from goods to services as Covid restrictions are eased.
He pointed out that Asean economies should benefit from the reopening boost which is especially positive for Thailand whose economy is highly reliant on tourism. Commodity-based economies like Malaysia and Indonesia should also see good GDP growth in 2022.
Meanwhile, during times of high market volatility and high inflation, real assets, such as gold, are attractive havens.
He warned that the major risk over the next 6 to 12 months would be geopolitical tensions continuing to cause market volatility.
Meanwhile, global economic growth will also continue to be affected by supply chain disruptions and interest rate hikes.
Arm Tungnirun, director of the Chinese Studies Centre, Chulalongkorn University, and Wit Sittivaekin, an economics expert, shared their perspectives, providing broader information about the global economy in the years ahead.
Arm said investors should keep their eyes on the annual meeting of the Communist Party of China in October, which will give investors a hint of China’s policy and economic direction.
Meanwhile, Wit suggested that investors monitor the United States’ mid-term elections to the House and Senate in November.
Yingyong concluded that investors should not only keep track of global movements, but also diversify portfolios by not putting too much weight on a single asset. This is a good investment strategy that will reduce volatility in any situation.
Business leaders are worried that electricity-price rises will see costs surge in Thailand’s industrial sector, according to a Federation of Thai Industries (FTI) survey.
The Energy Regulatory Commission (ERC) has announced it will hike the fuel tariff from next month until December, resulting in a record high of 4.72 baht per unit of electricity.
The FTI survey asked 215 executives how the increase in electricity costs will affect their Thai industry. Most worried that the hike was too high, said FTI vice-chairman Montri Mahaplerkpong, revealing the survey results on Tuesday.
Survey respondents said the higher electricity cost would cause the price of products to rise, driving up the cost of living even further. It would also hit Thailand’s ability to compete with Vietnam, which has kept its electricity cost to 2.8 baht per unit for 2022, they said.
Montri forecast the price of products and services in Thailand would rise by 10 per cent by the end of this year.
Most executives surveyed want the government to limit the fuel tariff hike to 5 per cent while also issuing relief measures for SMEs and people on low income.
So far, the Electricity Generating Authority of Thailand (EGAT) has shouldered increased production costs amounting to about 83 billion baht. But this burden will be shared by consumers via the tariff hike from next month.
However, Montri urged the government to review its electricity pricing structure for every sector and also open up the market for private companies to invest in power plants. He also wants authorities to reduce the time it takes for companies to get permission to use renewable energy equipment.
He explained that the private sector is preparing for the electricity hike by investing in renewable energy sources such as solar rooftops in a bid to remain competitive.
The company announced on its Facebook wall on July 5 that it owed 32 million baht in compensation to the staff but due to its liquidity crunch, it could pay only 16 per cent of the compensation amount at the end of June and another 9 per cent at the end of July. It said it would pay the rest of the compensation in monthly instalments as per the company’s ability to earn money.
It noted that Section 60 of the charter requires the NBTC to supervise telecom businesses to ensure free and fair competition by taking the public and national interests into account.
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