Thai tobacco talks heat up

Article Abstract:

Thailand Tobacco Monopoly, a government-owned firm that is only allowed to produce cigarettes in Thailand, is holding talks with several international tobacco firms, including Philip Morris Co. and R.J. Reynolds Tobacco International Inc. of the US and UK-based B.A.T. Industries PLC, to put up one or more cigarette-making ventures. If joint ventures are formed, the foreign companies might be able to be market players by avoiding the 60% duty charged on imported cigarettes. Any transaction must wait probably until the end of August 1998, when the government is scheduled to issue a so-called privatization master plan as part of the $17.2-billion International Monetary Fund requirements for reviving the Thai economy.

Comment:

Along w/ Philip Morris & R.J. Reynolds, holds talks w/ Thailand Tobacco Monopoly to form 1 or more cigarette-making ventures

Joint ventures, Tobacco Products, Tobacco Manufacturing, Altria Group Inc., B.A.T. Industries PLC, Thailand Tobacco Monopoly, R.J. Reynolds Tobacco International Inc.

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KTT may face a rising bad-loan omen

Article Abstract:

Krungthai Thanakit Finance & Securities' (KTT) move to merge with finance companies, which have poor asset quality, in exchange for a commercial bank license alarms investors. The seven finance firms do not meet central bank requirements on capital and are suspected to have a big portion of non-performing loans. KTT, which is controlled by state-managed Krung Thai Bank, will assume all assets and liabilities of the finance companies as part of the deal. Analysts suggested that investors sell KTT because by getting involved with the underperforming finance firms, KTT will dilute its own asset quality.

Comment:

A move to merge with finance firms, which have poor assset quality, in exchange for a commercial bank license alarms investors

All Other Nondepository Credit Intermediation, Stockholder data, Finance Houses, Finance companies, Krungthai Thanakit Finance and Securities

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Goldman falls short in bid to take over Rajadamri Hotel

Article Abstract:

Royal Garden Resorts PCL has gained a dominant share of Rajadamri Hotel's stocks, after Goldman Sachs (Asia) LLC lost its takeover bid with merely 40.5% of the shares. Despite an initial public offering valued at $3.7 million, Goldman Sachs struggled to overcome massive shareholder opposition. Royal Garden officials, on the other hand, expressed satisfaction over the results, preventing industry rival Goldman Sachs from obtaining a larger stake in the hotel.

Asset sales & divestitures, Investment Banking and Securities Dealing, Acquisitions & mergers, Investment Banking, Asia, India, Hotels & Motels, Hotels (except Casino Hotels) and Motels, Mergers, acquisitions and divestments, Investment banks, Securities, Hotels and motels, Rajadamri Hotel Plc, Royal Garden Resorts PLC, Goldman Sachs L.L.C.

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