briefs

The Securities and Exchange Commission and the Stock Exchange of Thailand yesterday gathered information from brokerage houses to support an investigation into irregular trading of Sub Sri Thai Warehouses' shares.

Prasong Vinaiphat, deputy secretary-general of the SEC, said the agency was investigating the issue jointly with the exchange after the company's share price fell to the floor level for three consecutive trading days.

Yesterday, the stock ended the week at Bt4.42 per share, down from Bt8 a week earlier. During the week, its price peaked at Bt15.80.

Euro IV dilemma

Oil-refiners have urged the government to finalise by end-March whether Thailand should adopt the Euro IV oil standard in 2012. Earlier, they asked for a one- or two-year delay due to unfavourable economic conditions as well as the slump in the auto industry.

Chainoi Puankosoom, CEO of PTT Aromatics and Refining and chairman of Federation of Thai Industries' refining club, said yesterday that maintaining the original schedule meant wasteful investment.

Due to lower energy demand, refiners now have to export 15-20 per cent of their output. If the standard is enforced, despite higher investment, refiners will have to quote a similar export price as buyers will not want to pay more for the product.

Meanwhile, a delay would save 20-25 per cent on refiners' investment costs from the original budget of up to Bt70 billion.

Glow goes Huay Ho

Glow Energy will go ahead with three ongoing expansion projects and acquire a 67.25-per-cent stake in the 152-megawatt Huay Ho Hydro plant in Laos from GDF Suez in the first quarter.

Suthiwong Kongsiri, Glow Group's CFO, said that with a consolidated net debt-to-equity ratio of only 0.85 times, Glow had sufficient room to meet the funding needs of Bt16 billion for 2010 and 2011.

Glow posted a net profit of Bt3.78 billion last year, down 12.27 per cent from 2007, despite a 4.33-per-cent increase in revenue to Bt33.75 billion. In the fourth quarter, its sales to industrial customers in the petrochemical industry dropped more than 25 per cent year on year.

Building fair

The Home Builder Association expects sales of Bt500 million from the three-day Home Builder Focus 2009 that runs until Sunday at the Bangkok Convention Centre, Central Lat Phrao, president Panthep Thanvichitkul said yesterday.

TCEB chief quits

Natwut Amornvivat has resigned as president of the Thailand Convention and Exhibition Bureau to run his own business.

The board of directors accepted his resignation letter on Tuesday. It takes effect on April 1.

Exhibition director Supawan Teerarat, one of Natwut's three assistants, will be acting president while a headhunting company seeks a successor.