Chinese citizens purchased the largest number of condominiums in Thailand among foreigners in the first half of 2023, as reported by the Government Housing Bank’s Real EstateInformation Centre (REIC)The Fraser Institute from Canada released the Economic Freedom of the World Index report for 2023, stating that Thailand ranked 64th out of 165 countries and territories around the world with a score of 7.07 points and was ranked 3 in ASEAN, while Singapore ranked 1st with a score of 8.56 points.The value of Thailand’s digital industry in 2022 reached Bt2.6tn, up 14% from 2021, according to a joint survey and assessment regarding the status of the country’s digital industry in 2022 carried out by the Digital Economy Promotion Agency (Depa) and the IMC Institute. The country’s digital industry includes five main sectors: software; hardware and smart devices; digital services; telecommunication; and digital content.Foreign investment tallied Bt65.8bn for the first eight months of this year, with Japan still topping the list in terms of spending to develop businesses in Thailand.

PETROCHEMICALS AND CHEMICALS 

Indorama Ventures Public Company Limited (IVL)

The Board of Directors of Indorama Ventures Public Company Limited, a holding company with investments in the manufacturing of integrated petrochemical products both domestically and internationally, has given its approval for Indorama Ventures Spain, S.L. (IVSSL) and/or Indorama Netherlands B.V. (INBV), its indirect subsidiaries, to proceed with the acquisition of the remaining 34.03% equity stake in Avgol Industries 1953 Ltd., a publicly-listed entity on the Tel Aviv Stock Exchange (TASE) in Israel, from public shareholders. The Tender Offer will be priced at NIS 1.41 per share, with an estimated total cost not exceeding NIS 142,455,272.28 (equivalent to USD 37.23 million or approximately THB 1,336 million).

TRANSPORTATION AND LOGISTICS

Nok Airlines Public Company Limited (NOK)

The Stock Exchange of Thailand has informed NOK that the company is at risk of being delisted. This risk arises from two main factors: firstly, the company currently has negative equity, and secondly, it has failed to submit its financial statements within the stipulated time frame. Consequently, NOK is obligated to rectify these issues promptly. Specifically, the company must address the negative equity concern by September 8, 2024, and submit the outstanding financial statements by October 2, 2024, in order to avoid delisting.

Prima Marine Public Company Limited (PRM)

Prima Marine Public Company Limited, a comprehensive provider of services for shipping and floating storage units handling crude oil and other liquefied petrochemicals, has announced that its Board of Directors has approved the formation of a new subsidiary in the Republic of Panama. This new subsidiary is intended to venture into the realm of transportation services and provide support for offshore petroleum exploration and production, specifically in the context of Floating Storage Offloading (FSU) operations. The registration for this establishment is expected to be completed by October 2023, with an initial capital of 10,000 US dollars, equivalent to approximately 356,563 baht. In terms of the shareholding structure, the company will hold 100 percent of all issued and paid-up shares, with a total value of 10,000 US dollars or approximately 356,563 baht. The funds will be sourced from the company’s existing working capital.

DIGITAL ASSET

Thai Digital Assets Exchange Company Limited, a subsidiary of the Stock Exchange of Thailand dedicated to facilitating the trading and exchange of digital assets, has partnered with TokenX, a provider of tokens backed by real estate assets. Together, they have enhanced the token deposit process to streamline investor transactions. Investors on the TokenX platform can now seamlessly transfer their tokens for trading on the Thai Digital Assets Exchange, with trading readiness to be on September 25, 2023.

TELECOMMUNICATION

True Corporation Public Company Limited (TRUE)

True Corporation Public Company Limited is anticipated to divest assets valued at THB 60 billion to the Digital Telecommunications Infrastructure Fund (DIF), in which it holds a 20.56% stake, within the coming year. According to sources cited by Kaohoon, the proposal for this transaction is scheduled to be presented to the Board of Directors by the end of this year. The assets earmarked for sale encompass telecommunications towers, originally acquired through a merger with DTAC (formerly listed companies). The company intends to gradually divest these assets in order to finance its 5G business. In support of this acquisition, Kasikorn Securities foresees DIF obtaining a loan exceeding 40 billion baht and raising capital in excess of 20 billion baht.

SECTORAL UPDATE

SET closed the week today at 1,522.59 points, an increase of 8.33 points (+0.55%), trading value 57,160.61 million baht.