Keeree to ask SET to help boost Tanayong
Tanayong's major shareholders, with a 75-per-cent stake, will ask the Stock Exchange of Thailand (SET) to apply a one-year silence period aimed at boosting retail investors' confidence.
KJ2 Holding - in which Tanayong managing director Keeree Kanjanapas owns the lion's share - is the property developer's largest major shareholder, with a 37.5-per-cent stake, while Dubai Investment holds 16.5 per cent, Cheng Yu Tung 7.5 per cent and UOB Asia 10 per cent. Keeree said he expected the company's shares to resume trading this year after it made significant progress in rehabilitating its business. However, this is mainly the SET's decision. Tanayong is ready to operate its business again, and the entry of Dubai Investment will not only strengthen the company's financial position, but also support the business, Keeree said after an extraordinary shareholders' meeting yesterday. Dubai Investment's affiliates have a plan to forge an alliance with Tanayong's two real-estate projects, which will be launched in the next three or four months, he said. Tanayong also plans to open two new hotels: the Boutique Hotel, located on 17 rai of land on Sathorn Road; and Silver Lake and Tana Resort, a serviced apartment within the Tanayong City project. As for Skytrain operator Bangkok Mass Transit System (BTS), Keeree said the company turned in a new business-rehabilitation plan to receiver officers last Tuesday. Keeree is CEO of BTS. He said the plan would come as a boon to BTS, adding that a creditors' vote would be convened on Friday. Earlier, the court instructed Tanayong to add only Bt2.9 billion deposited in bank accounts to loan collateral in the revised debt-restructuring plan and denied forcing BTS to add its future revenues to be generated from the remaining 23 years of the 30-year concession. As a result of the ruling, eight secured creditors will be eligible to have their loan collateral increased to 10.24 billion baht, from 7.5 billion at present. Keeree still believes BTS will be able to list on the stock market in next year's second quarter. The company plans to raise about Bt15 billion in funds from going public. BTS reported revenues of Bt3.32 billion for its fiscal year ending March 31, up from 3.02 billion the previous year. Net losses totalled Bt8.02 billion, due to asset revisions of Bt6.33 billion.
Siriporn Chanjindamanee The Nation
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