Thailand’s SET Index closed at 1,313.08 points, decreased 9.67 points or 0.73% with a trading value of 34.65 billion baht. The analyst stated that the Thai stock market decreased in tandem with the global market, affected by underwhelming PMI figures from China and the US, though the data supported chances for the Federal Reserve to cut rates, resulting in a profit taking. Meanwhile, the Japanese market experienced a downturn following the Bank of Japan’s decision to increase interest rates.
Looking ahead to the upcoming week, the analyst anticipates market movements to hinge on the release of nonfarm payroll and unemployment rate data from the US. These figures could potentially influence the Fed’s decision to implement another rate cut in December.
BTS Group revealed a series of restructuring initiatives through exchange filings earlier today. The key announcements are as follows:
BTS disclosed its strategy to boost capital through a rights offering, offering a ratio of 4.5 existing shares to 1 new share at a price of THB4.5/share. Assuming full subscription of the new shares, this would result in an 18.2% control dilution for current BTS shareholders. The capital raise is anticipated to generate THB13.17 billion in funds, expected to be utilized for debt repayment and corporate reorganization.
An agreement has been reached for the acquisition of ROCTEC TB through a tender offer for all ordinary shares at THB1.00/share. With BTS already holding a portion of the shares, approximately 6.716 billion shares (equivalent to 82.74% of shares outstanding) are eligible for tender.
Additionally, a deal has been made for the acquisition of RABBIT TB through a tender offer encompassing all ordinary and preferred shares at THB0.60/share. Excluding BTS’s current holdings, 5.48 billion ordinary shares and 8.11 billion preferred shares are set to be tendered.
Moreover, VGI has announced its intention to secure shareholders’ approval for a capital increment via private placement (PP) offerings. The plan entails issuing 8.805 billion new shares (resulting in a 41.7% dilution) to 4 institutional investors at THB1.5/share.
Minor International Public Company Limited (SET: MINT) is confident in its business in Europe, stating that its forward bookings in Europe in the third quarter continue to show strength, with total revenue growing at double-digit rate in July and August. Both Southern and Northern Europe, such as Spain, Italy, Germany, Netherlands and Belgium reported robust operating performances with increases in both occupancy and room rates.
The company continues to reap benefits of major events throughout Europe. Although there has been some speculation about a potential shortfall from the Summer Olympics in Paris, where MINT has three hotels under management contract, the impact (if any) would be more than offset by revenue and business activities from the additional 284 hotels MINT operates across Europe.
MINT stated that it remains confident and the company is well-positioned in continuous strong momentum for the remainder of 2024.
