IN Brief

37m in manipulation fines

STOCKS :The Securities and Exchange Commission yesterday imposed fines of 37.76 million baht on two former executives of the auto-parts maker Yarnapund Plc and one former executive of Syrus Securities for price manipulation.

Chamlong Phanpanit, a former board chairman of Yarnapund, was fined 28.08 million baht, and former YNP executive Charn Lesprasertpakorn 9.17 million. Syrus Securities marketing executive Saksilp Kongkanon was fined 500,000 baht for colluding in price-fixing.

The SEC said that from Jan 13 to March 18, 2005, Mrs Chamlong and Mr Charn manipulated trading of YNP shares through nine nominee accounts. Mr Saksilp oversaw the transaction processing.

Regulators said Mrs Chamlong and Mr Charn, as YNP executives, also violated disclosure regulations. Mrs Chamlong, as a major shareholder, also failed to disclose changes in her shareholdings of YNP as required under the law.

TCC forecast lower

EXPORTS :The Thai Chamber of Commerce has estimated the country's export growth this year at just 9.6% to about US$142 billion, far less than the 12.5% rate forecast by the Commerce Ministry.

A weak global economy, especially the slowdown in the United States, coupled with the strong baht, would lead to poorer export performance, said Aat Pisanwanich, director of the International Trade Studies Centre of the University of the Thai Chamber of Commerce.

The country's exports expanded nearly 18% year-on-year in January and February but most officials expect the rate to start easing.

Mr Aat said that for every one-baht increase in the local currency against the US dollar, Thailand's export earnings would fall by 3.1%.

SCG helps ease drought

ENVIRONMENT :The Siam Cement Group (SCG) is delivering 2,000 water tanks worth 20 million baht to the Interior Ministry to help ease the effects of the drought in 18 provinces.

The first lot of 100 water containers would be distributed tomorrow in Saraburi province, said Roongrote Rangsiyopash, an SCG vice-president.

While government agencies have been distributing drinking water to affected areas, most villagers still lack big containers to store water for use in the dry season, he said.

The Siam Cement Group has been running the drought-relief programme since 2004.

According to the Interior Ministry, this year's dry season has affected 61 provinces, two million families and 100,000 rai of farmland.

True ratings affirmed

FINANCE :Tris Rating has affirmed the company rating of True Corp and the ratings of True's senior secured debentures at BBB.

True's senior secured debentures, partially guaranteed by the International Finance Corp, were also affirmed at A. However, the outlook has been downgraded a step to stable from positive.

Tris said the ratings reflected True's strong market position as the leading integrated telecommunications company in Thailand, the growing prospects for its data communications and mobile phone businesses, and its capable management team.

These strengths are partially offset by the company's weak financial position, which is the result of high leverage, fierce competition in cellular and data services, and the remaining uncertainty surrounding the telecom regulatory framework.

True shares closed yesterday on the Stock Exchange of Thailand at 5.75 baht, down 10 satang, in trade worth 34.29 million baht.

Toyota issue at 4.11%

DEBT MARKET :Toyota Leasing Co has issued three billion baht worth of three-year bonds at a coupon rate of 4.11%, or 25 basis points over equivalent government bonds, according to joint bookrunner Standard Chartered Bank.

The bond, the seventh issue under Toyota Leasing's 30-billion-baht medium-term notes programme, was 1.5 times oversubscribed from the original issue size of two billion baht, leading to the greenshoe option being exercised for a final issue of three billion.

The medium-term programme is AAA rated by Tris Rating, with the bonds fully guaranteed by Toyota Motor Finance (Netherlands). Standard Chartered (Thai) and Bangkok Bank were joint bookrunners for the issue.

14-day bills yield 4.12%

DEBT MARKET :The Bank of Thailand yesterday auctioned 20 billion baht worth of 14-day bills for a weighted average accepted yield of 4.11986%. Accepted bid yields ranged from 4.08% to 4.1242%, with the bid coverage ratio 3.13 times.

Bangkok Post

Last Updated : Wednesday April 11, 2007