Bloomberg News

Thailand Stocks: Bangchak, G Steel, Hemaraj Land, ICBC Thai

August 26, 2010

Thailand’s SET Index (SET) rose 1.59, or 0.2 percent, to close at 886.10, its first advance in three days.

Bangchak Petroleum Pcl (BCP) , a Thai state-controlled refiner, climbed 1.4 percent to 14.7 baht, the most in three weeks. The company said it will pay an interim dividend of 0.5 baht a share for first-half earnings.

Dimet Siam Pcl (DIMET) , a producer of paints, fell 3.9 percent to 0.74 baht, the first drop in three days. Net income for the year ended June 30 declined 13 percent to 5.6 million baht ($178,131).

G Steel Pcl (GSTEEL) , a steelmaker, surged 28 percent to 0.59 baht, the most since October 2008. G Steel plans to offer as many as 5.1 billion new shares to bondholders, it said in a regulatory filing today. The share offering is part of the plan to restructure $170 million in bonds, it said.

Hemaraj Land & Development Pcl (HEMRAJ) , the nation’s biggest industrial developer by market value, jumped 7.1 percent to 2.10 baht, the highest level since October 1997. Ford Motor Co. and Mazda Motor Corp. will spend $350 million to expand a jointly owned pickup truck factory at Hemaraj’s industrial complex in Rayong province, 200 kilometers east of Bangkok, as auto production and demand grows in the Southeast Asian nation.

Industrial & Commercial Bank of China (Thai) Pcl (ICBCT TB), controlled by Industrial & Commercial Bank of China Ltd., slid 23 percent to 19.2 baht, halting a six-day, 117 percent rally. The lender reiterated a plan to delist its shares from the Stock Exchange of Thailand. The bank is in the process of getting approvals for the delisting, it said in a regulatory filing.

To contact the reporter on this story: Anuchit Nguyen in Bangkok at anguyen@bloomberg.net

To contact the editor responsible for this story: Linus Chua at lchua@bloomberg.net


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