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https://www.nationthailand.com/pr-news/business/corporate/40023482

EGCO divests its entire shares in Star Energy’s Geothermal Power Plants in Indonesia

TUESDAY, DECEMBER 27, 2022

Electricity Generating Public Company Limited or EGCO Group announced the successful disposal of its entire shares in three geothermal power plants in Indonesia to Star Energy Group Holdings Pte. Ltd.

EGCO Group will use the proceeds from the divestment transaction for new investment opportunities in the future, especially in renewable and clean energy projects with superior growth potential.

Thepparat Theppitak, EGCO Group’s President, said, “Phoenix Power B.V. a wholly owned subsidiary of EGCO, entered into the Sales and Purchase of Shares Agreement with Star Energy Group Holdings to dispose of 20% of issued and paid up ordinary shares in Star Energy Geothermal Pte. Ltd.(“SEG”) and 30.25% of issued and paid-up ordinary shares in Star Phoenix Geothermal JV B.V.(“SPG”), on 16 November 2022.

Subsequently, the transaction was successfully completed on 22 December 2022 with total consideration of USD 485 million (equivalent to approximately THB 16,780 million).”

EGCO Group started its investment in Indonesia in 2014 through investment in SEG and SPG, owning 20% and 20.07% effective stakes in SEG Wayang Windu (“SEGWW”) and SEG Salak-Darajat B.V. (“SEGSD”).

SEGWW owns and operates “Wayang Windu” geothermal power plant with a total installed capacity of 227MW situated in West Java, Indonesia.

SEGSD owns and operates two geothermal power plants entitled “Salak” and “Darajat” located in West Java, Indonesia.

The “Salak” geothermal power plant has a total installed capacity of 376.8MW (Steam 180MW and Power 196.8MW). The “Darajat” geothermal power plant has a total installed capacity of 271MW (Steam 55MW and Power 216MW).

These geothermal power plants supply electricity to PT PLN (Persero), a state-owned enterprise and sole off-taker and distributor of the Indonesian power market, on a long-term take-or-pay basis.

“The decision to sell shareholding in those geothermal power plants is part of EGCO Group’s strategy to rationalize the company’s asset portfolio.

EGCO Group will be able to gain profit from the share disposal and strengthen its financial position to support new investment opportunities in the future, especially in renewable and clean energy projects with superior growth potential”, added Thepparat.

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https://www.nationthailand.com/business/corporate/40023477

20 more Kana Pure cannabis outlets to be opened in Thailand next year

MONDAY, DECEMBER 26, 2022

Nongluck Ajanapanya

Bespoke, a subsidiary of Boutique Corporation, is opening 20 more fully licensed Kana Pure cannabis outlets in Thailand next year.

Prab Thakral, president and Group CEO of Boutique Corporation, stated at the opening of the third outlet on Monday that the plan was developed after positive feedback from the two licensed cannabis outlets, giving the company confidence to expand nationwide.

However, the exact location has yet to be determined, but it is likely to be on Boutique’s own property, the parent company of Kana Pure.

The third fully licensed high-grade medical cannabis dispensary shop is located on Sukhumvit Soi 11.

Prab stated that the shop is still focused on growing high-quality medical cannabis for sale at its Kana Pure outlets, with the goal of medical use under expert advice.

Bespoke grows high-quality medical cannabis in environmentally controlled farms in northern Thailand.

Nongluck Ajanapanya

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https://www.nationthailand.com/business/corporate/40023445

Turkish companies see increased trade with Thailand

SUNDAY, DECEMBER 25, 2022

Opal Varunsuda

The Istanbul Chemicals and Chemical Exporters Association said its trade delegation to Thailand earlier this month succeeded in strengthening cooperation between Turkish and Thai companies.

The December 16 event included a business matching meeting at which executives from a wide range of Turkish companies – including chemical, cosmetic, plastic, and medicine – met with their Thai counterparts to discuss opportunities for trade. 

Cemil Cakar, who led the delegation, said it paved the way for Thai and Turkish companies to work together to increase their competitiveness.

He described Turkey as a bridge to the European market, saying costs were lower in Turkey while the quality of Turkish products was high enough for them to enter the European market.

Thai companies are eager to take advantage of Turkey’s location and its reputation for quality products, Cakar said. 

He also said that Turkish companies, like home appliance maker Beko, are investing in the Thai market and that the delegation led to increased interest in Thailand.

Cemil Cakar

representative of the Istanbul Chemicals and Chemical Exporters Association (IKMIB)

Opal Varunsuda

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https://www.nationthailand.com/business/corporate/40023394

Chinese tea chain debuts in Thailand with outlet in Bangkok

FRIDAY, DECEMBER 23, 2022

Nongluck Ajanapanya

Premium Chinese tea house Chagee has opened its first branch in Bangkok, hoping organic tea leaves from its own farm will entice tea drinkers to its debut shop on the sixth floor of Central World.

Chagee Thailand CEO Aphichat Chuanchaiwong told a press conference on Friday that the company plans to open 10 more branches in Bangkok next year and has a revenue target of 50 million baht.

Even though there are many domestic and international tea shops, particularly bubble tea, in Thailand’s market, there is still room for new players, Apichat said, citing market research by Chagee that valued the market here at 26 billion baht. The research found a lack of premium tea drinks made from high-quality ingredients, which created an opportunity for Chagee, said Aphichat.

Even consumers of bubble milk tea expect it to contain high-quality, healthy ingredients, Apichat said.

He described the chain’s concept as “Chinese Chic”, saying it only uses genuine Chinese tea from its own organic farm near Kunming, Yunnan province, “the birthplace of tea”.

Chagee launched in southwestern China in 2017 and rapidly expanded throughout the country before expanding regionwide. It now has more than 500 branches in Asia.

Nongluck Ajanapanya

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https://www.nationthailand.com/business/corporate/40023381

Warrix Sport raises over 112 million baht as shares snapped up from SET’s Big Lot

FRIDAY, DECEMBER 23, 2022

More than 15 million shares of sportswear manufacturer Warrix Sport Pcl were snapped up as soon as they were put on the Stock Exchange of Thailand (SET)’s Big Lot board on Wednesday.

The company announced on Thursday that it had raised 112.42 million baht through shares being sold at 7.49 per piece via the Big Lot board.

Warrix CEO Wisan Wanasaksrisakul said investors clearly saw potential in the company thanks to its steady growth, clear business direction and strategy as well as promising expansion plans in line with the growing sports and healthcare industries.

“Warrix aims to penetrate new customer bases in high-potential markets to bring about unlimited growth and profits to shareholders,” he added.

Wisan estimates that more people will become health-conscious and start exercising next year, which will drive up the sales of both licensed and non-licensed products.

“Plus, many domestic and international sports events have been scheduled for 2023, which will help maximise visibility and demand for our products,” he added.

Listed on the Market for Alternative Investment (MAI), Warrix is eyeing additional investment to boost its business, including the building of a new office and sports science centre on Rama IX Road to serve customers in the East of Bangkok, its Warrix Run Hub at Queen Sirikit National Convention Centre, Warrix Lifestyle shop at Siam Square and hosting more running events to promote eco-tourism, like the Changsuek Run and Ex Trail Run series.

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Sports apparel, equipment maker Warrix plans IPO this year to pursue expansion

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https://www.nationthailand.com/business/corporate/40023356

Muji aims to widen market with affordable goods zone at larger new stores in Thailand

THURSDAY, DECEMBER 22, 2022

Nongluck Ajanapanya

Japan’s leading retailer Muji is reaching out to customers outside Bangkok by providing an affordable goods zone in its new full-size stores.

Akihiro Kamogari, managing director of Muji Retail (Thailand), said at the soft opening on Thursday that the total area of over 1,700 square metres of Muji at Robinson Lifestyle Ratchaphruek will be the standard size model the company will apply to open new store in new location.

The majority of locations will be in Bangkok and its surrounding areas, as well as other major cities with high density of population and purchasing power, such as Chiang Mai and Chonburi, where Muji already has opened new branches during the fourth quarter of this year.

“There are currently 29 Muji stores in Bangkok’s prime districts. Eleven of the stores are spread over 1,500 square metres. We plan to open four more stores with this new standard size next year, and seven more by 2024,” Kamogari revealed.

Regarding the existing stores with minimum size of 500-800 square metres, he stated that Muji intends to renovate with more space. However, the process is still being worked out with the department store.

Akihiro Kamogari (left) Phannarat Lowakij (second from right)

Muji (Thailand)’s head of merchandising, Phannarat Lowakij, added that this new roadside model store with two floors will also serve as a pilot area for the retailer to test launch new in-house products.

She revealed that this store has a new hot menu of bakery items, Japanese soft serve ice cream, skincare and haircare product groups, and Muji Curry, which is one of Japan’s best-selling products.

She stated that all of these products are now only available at Muji Robinson Lifestyle Ratchaphruek.

“We’d like to see how our clients respond,” she said, promising that more new items would be added in the future.

Meanwhile, for the first time in Thailand, Muji Robinson Lifestyle Ratchaphruek has opened a good price zone for products below 300 baht. The good price zone will include popular high-quality products from various categories priced under 300 baht.

The zone follows the new concept of grouping products under 500 yen for the first time at Mitake station in Tokyo, Japan in October.

According to Phannarat, the goal is to communicate to people that Muji also offers high-quality products at reasonable prices. The zone will be included in all new stores opening in the next two years.

She anticipates that Muji’s new good-price zone will help increase sales of the company’s daily-life products, which are divided into three main categories: household, garments, and foods.

In order to provide the exact daily life product that Thai people require, Muji has introduced the concept of Asean merchandise.

The concept is to use local resources in combination with Muji simplicity of design to create products for local use, such as furniture made from rubber wood and shirts made from natural fibres that are suitable for Thailand’s hot and humid weather.

According to Kamogari, Muji will focus on developing new daily products to meet Thai people’s demand, particularly in food and beverages, starting next year. With a pricing strategy, Muji will also expand its offline and online sales channels.

Muji at Robinson Lifestyle Ratchaphruek will open its doors on December 23, 2022.

Muji began its operations in Thailand as a franchise in 2006, before forming a joint venture company with Central Department Store through Muji Retail (Thailand) in 2013. Muji now has over 3,000 product items in Thailand.

Nongluck Ajanapanya

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https://www.nationthailand.com/business/corporate/40023344

PTT denies condoning human rights violations in Myanmar after Norwegian fund accusation

THURSDAY, DECEMBER 22, 2022

Oil giant PTT Plc has informed the Stock Exchange of Thailand (SET) that it does not condone human rights violations in Myanmar as accused by a sovereign wealth fund from Norway.

PTT president and CEO Auttapol Rerkpiboon has sent a letter of clarification to the SET that the PTT and its subsidiaries have always adhered to its sustainability management policy that consists of environmental, social and good business governance as well as respect for human rights.

Auttapol was responding to allegations by the executive board of a US$1.3-trillion Norwegian fund last week that it has dropped PTT Plc and PTT Oil and Retail Business Plc (OR) from its portfolio because of “an unacceptable risk” of human rights violations.

The fund’s ethics council expressed concern that PTT and OR’s partnership with state- and military-owned companies in Myanmar and that the two Thai firms’ activities in Myanmar would provide the junta “with substantial revenue streams that can finance military operations and abuses”.

“There is an unacceptable risk that the companies contribute to serious violations of individuals’ rights in the situations of war or conflict,” the fund stated.

The Myanmar army has been repressive and using lethal force to crack down on democracy protesters since it toppled the elected government in February last year.

In his letter to the SET, Auttapol insisted that PTT’s principle of respect for human rights also applied to the companies that served as its supply chain.

Auttapol said that PTT has always been conscientious about its operations not violating human rights and it also protects and supports human rights in line with international standards and promotes good ties with all stakeholders.

Auttapol said the PTT had complied with the laws and regulations and checked and analysed the status of its business partners in Myanmar thoroughly.

“PTT respects human rights and this is among our basic standard of operations,” Auttapol said.

“And PTT is concerned over the violent situation in Myanmar since the 2021 coup. We support a peaceful solution and we strictly observe the law and international operational standard wherever we carry out business.”

He added that the PTT has been monitoring closely the situation in Myanmar to make future decisions by ensuring that its investments would lead to sustainable development and access to energy sources.

After giant Chevron and TotalEnergies announced their decision to leave Myanmar in January this year to not support the repressive regime, PTT announced in March that it would take over from TotalEnergies the operation of the Yadana gas field with effect from July.

Apart from PTT, the OR also sent a letter of clarification to the SET on Thursday.

Signed by OR CEO Disathat Panyarachun, the PTT subsidiary said the OR invested in the Brighter Energy (BE) joint venture in 2019, holding 35% of shares, for the transportation and storage of petroleum products, in which a storage terminal is in the process of being constructed for the operations in Myanmar.

The objective of the investment is to provide broader benefits and help improve the well-being of Myanmar people, the letter said.

“However, since there has been violence and unrest in Myanmar leading to sanctions imposed by several countries in 2021, OR , as a minority interest shareholder, did not and will not make additional capital injection into BE and has expressly declared our intention to suspend BE’s operations and construction and payments. Also, no payments will be made to anyone on the sanctions list. OR strictly complies with business ethics and policies that shall not involve supporting violence and human rights violations from the BE operations in Myanmar,” the letter said.

“OR has adhered to the sustainability management policy, which consists of environmental, social and good business governance by complying with laws, regulations, international guidelines and international human rights standards.”

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https://www.nationthailand.com/business/corporate/40023333

THAI nearing pre-Covid revenue and on course for stock market return: CEO

THURSDAY, DECEMBER 22, 2022

Thai Airways International (THAI)’s monthly revenue is almost back at pre-pandemic levels following recovery in the tourism industry, according to the airline’s acting CEO.

Suvadhana Sibunruang said THAI has now reopened about 70% of its international routes with a cabin factor (passenger load factor) of 85%.

This was driving current monthly revenue of 12 billion baht, compared with 15 billion baht before the pandemic, he said.

Monthly revenue had grown continuously since hitting a low of 200 million baht during the Covid-19 crisis, he added.

Suvadhana said the airline had returned to profit since May this year by cutting costs and expenses while securing more revenue sources. THAI reduced its fleet from 103 aircraft to 61 after filing for bankruptcy protection in 2020 and recording debt of over 400 billion baht in 2021. However, creditors approved a revised rehabilitation plan in September this year after recovery proceeded faster than expected.

Suvadhana said the company no longer needs to urgently seek extra funds as it has cash flow of 30 billion baht.

However, it still needs 25 billion baht to sustain operations and complete the rehab plan, he added.

The revised rehabilitation plan allows THAI to borrow 25 billion baht by 2024, instead of 50 billion as permitted under the original plan.

Read more

Suvadhana confirmed that THAI is on target to resume stock market trading in 2025 or sooner after the return to profit.

Read more

Related stories

• Thai Airways is recruiting 1,000 workers for Suvarnabhumi
• THAI resumes Sapporo flights amid increase in travellers to Japan
• Rebound earns Thai Airways profit of THB3.92 billion in Q3

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https://www.nationthailand.com/business/corporate/40023327

Thai Oil names Bandhit Thamprajamchit as new CEO and president

THURSDAY, DECEMBER 22, 2022

Thai Oil Plc (TOP) named Bandhit Thamprajamchit as its new chief executive officer, president, director, and member of the Risk Management Committee in a notification to the Stock Exchange of Thailand (SET) on Wednesday.

Bandhit will succeed acting CEO Noppadol Pinsupa who has submitted his resignation, effective from January 1.

After graduating as a Bachelor of Engineering from Chulalongkorn University and a Master in Advanced Chemical Engineering from Imperial College, University of London, UK, Bandhit joined TOP in 1991 as a technologist.

From 1997-2002, he represented TOP as an adviser for Shell Global Solutions International BV, providing consulting services to leading oil refineries in the Netherlands, France, Italy, Germany, Argentina, Singapore, Brunei and Thailand. Since 2002 he has been working as Thai Oil’s senior vice president for hydrocarbon.

TOP also notified the SET it has appointed Sompop Pattanariyankool as a member of the Corporate Governance and Sustainability Committee, replacing Prasert Sinsukprasert who had resigned on December 20.

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https://www.nationthailand.com/business/corporate/40023298

Avani Sukhumvit Bangkok welcomes leading Filipino film crew and cast

WEDNESDAY, DECEMBER 21, 2022

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Bangkok, December 21, 2022: Ms. Chidchanok Pasinpong (centre), a general manager of Avani Sukhumvit Bangkok, welcomes the Filipino film crew, which includes the winner of the best director award from the Cannes Film Festival and “Feast” film director Mr. Brillante Mendoza (left) and actor Mr. Roger Vincent Rillon (right).

Avani Sukhumvit Bangkok is proud to be one of the official hotel sponsors for international film actor and film crews that attend the 15th World Film Festival of Bangkok.

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