Set President Resigns Due To

[sriracha john]

SET president resigns

Kittiratt Na Ranong has tendered his resignation as president of the Stock Exchange of Thailand. The SET board will consider the resignation today.

Mr Kittiratt, the SET president since 2001, had previously said that he would resign if Thai Beverage (ThaiBev) failed to list on the local stock exchange.

Continued here:

http://www.bangkokpost.com/News/24May2006_news03.php

[sriracha john]

Lukewarm reception for Thai Beverage IPO

SINGAPORE – Demand for Thai Beverage PL's stock exceeds the number of shares on offer, sources said on Tuesday, but Singapore's biggest flotation in more than a decade got a lukewarm response as markets in the region faltered.

The sale of shares in Thailand's largest brewer would be worth S$1.76 billion ($1.12 billion) if the deal is priced at the top end of the price range, making it the biggest initial public offering in the city-state since Singapore Telecommunications' S$4.2 billion offer in 1993. “The deal is more than one time oversubscribed, through the whole (price) range,“ an investment banking source close to the deal said, declining to comment on pricing.

The offer closed on Tuesday for Singapore, and ends on Wednesday for the international portion when the investor roadshow finishes. Trading in shares of Thai Beverage, which makes Mekhong whisky and Chang Beer, is due to start on May 30.

Analysts and traders said weak global markets have kept investors cautious over the sale of 4.89 billion shares, in a price range of 26-36 Singapore cents each.

“The book is covered already,” a Singapore banker told Reuters. “Now, the question is what kind of price they can get in this kind of environment. I am not certain about that.”

Some market participants said the offer looked expensive at the upper end of the range, given recent stock market volatility.

- Reuters

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ewwww...... lukewarm Chang beer

[Plus]

Kittirat's resignation might not be accepted as he was urged to stay on earlier. His job was in no jeopardy and his real reasons for resignation are unclear. Perhaps he was just waiting for a opportune moment. Perhaps there's something seriously wrong with the SET.

[sriracha john]

ahhh haaa... things are so often not as they appear...

The subterfuge is always fascinating.

Edited May 24, 2006 by sriracha john

[Misty]

Or perhaps he resigned merely due to frustration with the system, with the Thai Beverage listing in Singapore being the proverbially straw that broke the camel's back. The SET has come a long way under K. Kittirat, with much of the positive change resulting from his specific efforts.

But I suppose it's more fun to believe there's something seriously wrong the the SET....

[sriracha john]

Or perhaps he resigned merely due to frustration with the system, with the Thai Beverage listing in Singapore being the proverbially straw that broke the camel's back. The SET has come a long way under K. Kittirat, with much of the positive change resulting from his specific efforts.

Just teasing, of course, but that last line sounds a bit like someone looking to getting hired from a job interview...

I'm sure it IS a very stressful position... and to his credit, Kittirat has weathered the storm longer than most.

But I suppose it's more fun to believe there's something seriously wrong the the SET....

absolutely, it is...

but then again, 2% gains one day and 3% drops another tell this non-investor that something's not quite too smooth...

and yes, certainly, that's not directly within his control.

I have noticed that the MAI is pretty much at the same number it was 3 or 4 years ago...

with that non-growth, one might as well just bury cash in the backyard...

[george]

SET President Kittiratt resigns

The Stock Exchange of Thailand (SET)'s board Wednesday approved the resignation of President Kittiratt Na Ranong - effective from the end of this month - and appointed Senior Vice President Patareeya Benjapolchai as his successor, the bourse's Chairman Vijit Supinit told reporters after the board meeting.

--The Nation 2006-05-24

[cclub75]

and yes, certainly, that's not directly within his control.

I have noticed that the MAI is pretty much at the same number it was 3 or 4 years ago...

with that non-growth, one might as well just bury cash in the backyard...

Give back to Cesar what...

It's difficult to blame him for the whole failure of the listing of Thai Beverage.

The fault is : Thailand's bigotry and confused perception of reality.

Thailand let one of its biggest company go to listing on Singapore's stock exchange, meanwhile Thailand sell one of it biggest company to Singapore... For completly different reasons... But at the end of the road, where is the common sense ?

On one hand they act like muslim (no listing for booze !), they drink like hel_l (consumption per capita), they are proud (Thailand !), but not proud (they let things going to Singapore) etc. etc.

Quite confusing.

[Misty]

"Just teasing, of course, but that last line sounds a bit like someone looking to getting hired from a job interview... "

Heh heh.... Oh no, I have other things to do with my time.... But have come across K. Kittirat in different ways over the years....nothing but good things to say from those experiences, as well as my observations of him as SET President....

"absolutely, it is...but then again, 2% gains one day and 3% drops another tell this non-investor that something's not quite too smooth... "

Have you looked at the performance of other emerging markets? Check out the MSCI Emerging Market Index--the entire thing moving more than 5% in a day...not to mention the huge drops suffered by some markets--India, Turkey, to name a few. What's happening in global market is not about Thailand specifically--(no, not even Thaipolitics)...it's flight from so called risky assets, of which Thailand (by means of being an emerging market) is grouped.

[stoneman]

Maybe this is one Thai public official that still believes in integrity and living up to your statements..As I understand it, he said he would resign if Thai Bev was not listed...

Now if every Thai official that made a promise and did not live up to it would resign....

"I will fix the traffic problem in 6 months"

"I will wipe out the evil influence"

"Thailand is drug free"

"The airport will open on schedule"

Kittiratt sounds too honest to be a Thai politician...

[sriracha john]

SET chief confident of successor's capability to lead organization

BANGKOK, May 25 (TNA) – The Stock Exchange of Thailand (SET)’s President Kittirat Na Ranong on Wednesday expressed confidence his successor Patareeya Benjapolchai would lead the Thai capital market to a strong growth since she is a devoted true staff of the Thai bourse.

The outgoing president said he would take a rest for a while when his resignation becomes effective on May 31.

Then, he will take up a post as the manager of Ratchapracha Football Club. Huh?

[sriracha john]

Thai Beverage IPO raises 33.2 Billion Baht

Thai Beverage has completed its initial public offering (IPO) in Singapore, raising US$865 million (bt33.2 billion), the company said in a statement issued yesterday.

The Kingdom’s largest liquor manufacturer had hoped to raise up to $1.1 billion through the sale of 4.89 billion shares but the poor performances of world stock markets in the last two weeks caused the company to bring down its price from a high of Singapore 36 cents to 28 cents. Trading in the shares will begin on the Singapore stock exchange on May 30.

“The company’s IPO price, which is higher than minimum book building price, reflected that ThaiBev’s fundamentals are strong, although the shares were floated under current fluctuation situations of stock exchanges worldwide”, Kasemsant Weerakun, the company’s vice president for corporate communications said in the statement.

The maker of Thailand’s best-selling beer – Beer Chang – and popular whiskeys Mekhong and Sang Som, had initially planned to list on the Stock Exchange of Thailand (SET). After Buddhist activist Maj-Gen Chamlong Srimuang led street protests against the listing of an alcohol company, the Securities and Exchange Commission refused to approve the company’s application, prompting the company’s founder, Charoen Sirivadhanabhakdi, to look for other sources of raising capital. Earlier this year, Charoen said he would still to try to list on the SET, but would also prepare for an IPO in Singapore at the invitation of Singapore Exchange CEO, Hsieh <deleted> Hua.

SET President Kittiratt Na Ranong tendered his resignation yesterday, attributing his decision to leave 16 months early to his failure to bring the Thai Beverage offering to the SET.

Funds raised by the IPO will be used to expand production capacity in Thailand and increase marketing and distribution in markets in Asia and farther abroad. Thai Beverage has a significant presence in Cambodia, Singapore and Malaysia, and is negotiating distribution agreements in the Philippines, the region’s largest alcoholic beverage market.

The company generated 92.1 billion baht in sales and 10.5 billion baht in profit last year, making it the country’s leading brewer and distiller, with 60 percent of the beer market and 75 percent of the spirits market.

Company founder Charoen ranks as the richest man in Thailand, according to a recent billionaires list published by Forbes magazine.

His estimated net worth is US$3.2 billion. geez...that's a lot of Chang

- TD

[samran]

AND.....

expect the baht to appriciate following the debut on the stock exchange. All that baht that needs to be purchased is surely going to raise its price...

[Sing_Sling]

Maybe this is one Thai public official that still believes in integrity and living up to your statements..As I understand it, he said he would resign if Thai Bev was not listed...

Now if every Thai official that made a promise and did not live up to it would resign....

"I will fix the traffic problem in 6 months"

"I will wipe out the evil influence"

"Thailand is drug free"

"The airport will open on schedule"

And a snowball lasts how long in hel_l?

What's the definition of 'unheard of'? An honest public official.

What's the definition of ' '? An honest Thai public official.

Maybe he really is one of the few, as they simply must exist. If so, then good luck to him.

[Plus]

Have you notices that every other day second pages in the business sections carried stories of SET investigating various companies for various allegations of fraud, abuse and what not?

I suspect that those businesses didn't like it very much and Kittirat was under constant pressure.

Will the new gal have enough strength to stand up to big business? I somehow doubt so, given that she made career in SET itself and not in the army.

[sriracha john]

Will the new gal have enough strength to stand up to big business? I somehow doubt so, given that she made career in SET itself and not in the army.

With a bit of bad photoshop assistance, a medieval mace would help her. Have to tell her to drop the half-smile as well:

Patareeya Benjapolchai was named the new president of the Stock Exchange of Thailand (SET).