Appraisals help TPIPL

IN Brief

Appraisals help TPIPL

INDUSTRY :TPI Polene Plc will book a gain of 8.329 billion baht on its 2007 financial statements following the reappraisal of its low-density polyethylene (LDPE) and cement operations.

The company told the Stock Exchange of Thailand yesterday that it would book the gain as a surplus on asset revaluation following the reappraisal of its LDPE operations in October and its cement operations in August.

The appraisals were made by John Foord (Asia) Pte Limited, Singapore and Selectrade AG, Switzerland, and done to comply with generally accepted accounting principles.

TPIPL also said that the 6.9-billion-baht fine imposed by the Criminal Court on Dec 3 was still in the appeals process and that the company was not yet required to record the fine as an expense in its income statement or liability on its balance sheet. The fine will be recorded as a contingent liability in its notes to its 2007 financial statements.

Shares of TPIPL closed at 7.70 baht, down 15 satang, in trade worth 56.6 million baht.

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Esso listing approved

ENERGY :The cabinet has approved the initial public offering plan of Esso (Thailand), expected in March or April, according to government spokesman Chotichai Suwannaporn.

Esso shareholders earlier had approved a plan to raise the company's registered capital to 17 billion baht from 12.9 billion and the company is now seeking SEC approval.

Esso, 87.5% owned by ExxonMobil, operates a refinery with a capacity of 170,000 barrels per day. The Finance Ministry owns the remaining 12.5%.

The listing is required under an agreement made more than 10 years ago which allowed the company to build a refinery in Thailand, which has seven refineries. Esso and Star Petroleum Refining Co are only ones not to have listed. REUTERS

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BGH makes tender offer

HEALTH CARE :Bangkok Dusit Medical Services has formally submitted its tender offer for Ramkhamhaeng Hospital.

SET-listed Bangkok Dusit (BGH) is offering 480 baht each for the 8.858 million shares, or 73.82%, outstanding shares of Ramkhamhaeng not already owned. BGH first announced plans for the acquisition in November, and shareholders approved the tender offer on Dec 26.

Phatra Securities and Allen & Overy (Thailand) are the advisers to Bangkok Dusit for the transaction.

Shares of RAM closed yesterday at 552 baht, down four baht, in thin trade worth 780,000 baht. BGH shares closed at 32.75 baht, up 25 satang, in trade worth 17.7 million baht.

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Milestone for iPSTAR

COMMUNICATIONS :Shin Satellite Plc says that sales of user terminals for its high-speed broadband satellite iPSTAR reached 100,000 at the end of 2007.

The company said it planned to install ground stations for the $400-million iPSTAR to expand its high-speed internet and telecoms services in 14 Asia-Pacific countries by the end of 2008.

iPSTAR equipment consists of an indoor modem for connection to the internet, voice service and an antenna to send and receive signals and data.

The Shin Corp affiliate has said that it aims to sell between 220,000 and 250,000 terminals by the end of 2008.

iPSTAR, the world's largest broadband satellite launched in 2005, now offers services in eight countries including Australia, New Zealand, Vietnam and China.

Shares of Shin Satellite (SATTEL) closed yesterday at 9.80 baht, down 15 satang, in trade worth 22.97 million baht. REUTERS

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Exim appointments

BANKING :The Export-Import Bank of Thailand has named Somphan Eamrungroj, a bank senior executive vice-president, as chief financial officer overseeing treasury, accounting, banking operations and credit analysis. Viroth Chokevivattana was also named first vice-president for the information technology department.

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Tiger event postponed

ENTERTAINMENT :Thai Asia Pacific Brewery, the maker of Tiger beer, has postponed the Tiger Translate Music and Art Festival in mourning for Her Royal Highness Princess Galyani Vadhana.

The 20-million-baht music and art festival was originally scheduled to take place at Suan Lum Night Bazaar tomorrow night. The brewer said it would announce the new date soon.

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Award for Royal Princess

HOTELS :The Royal Princess Larn Luang Hotel has received the Thailand Tourism Award: Environmental Friendly Hotels in recognition of its campaigns to raise awareness about global warming.

Thirty hotels out of 100 candidates were recognised this year for the awards, which are held by the Tourism Authority of Thailand and the Thailand Hotel Association's Green Leaf Foundation.