Thailand Stocks: Indorama Ventures, Seamico, Total Access
Feb. 7 (Bloomberg) -- Shares of the following companies had unusual moves in Thailand trading. Stock symbols are in parentheses and prices are as of the close in Bangkok.
The SET Index rose 0.7 percent to 1,101.12, the highest level since Aug. 4.
Indorama Ventures Pcl (IVL TB), Thailand’s largest polyester producer, climbed 4.5 percent to 34.75 baht, the highest close since Oct. 31. The company agreed to buy the ethylene-producing units of Texas-based Old World Industries Ltd. for $795 million. The company will acquire Old World Industries Ltd. and Old World Transportation Ltd., owners of the largest U.S. production facility for ethylene oxide and ethylene glycol, Bangkok-based Indorama said in a regulatory filing.
Seamico Securities Pcl (ZMICO TB), a stock brokerage, gained 3.9 percent to 1.60 baht, the highest level since Dec. 14, 2010, on speculation the company may be a takeover target. Chairman Chaipatr Srivisarvacha said he has no knowledge of a reason for the rally in the share price. The company is in talks with “several groups” about business cooperation, he said by phone today.
Tongkah Harbour Pcl (THL TB), a gold producer, dropped 8 percent to 0.46 baht, the largest decline since Jan. 9. The stock exchange will suspend trading of Tongkah’s shares from tomorrow until the company resolves financial problems, the bourse said today.
Total Access Communication Pcl (DTAC TB), the country’s second-biggest mobile-phone company, gained 2.2 percent to 69.50 baht. Profit rose 8.4 percent to 11.81 billion baht ($382 million) in 2011 on increased call revenue, the company said.
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