Thailand Stocks: SVI, Sahaviriya, Serm Suk, Siam Industrial
Shares of the following companies had unusual moves in Thailand trading. Stock symbols are in parentheses and prices are at the 4:30 p.m. close in Bangkok.
The SET Index gained 2.49, or 0.3 percent, to 990.08.
SVI Pcl (SVI) , a maker of electronic parts, gained 6.6 percent to 3.9 baht, the steepest advance since Jan. 26. The company plans to spend 3 billion baht ($98 million) on acquisitions in Europe, Post Today reported, citing Managing Director Pongsak Lothongkam. The company expects revenue to grow as much as 30 percent in 2011 to $330 million, the newspaper said. Pongsak wasn’t available for comment after a call to his office.
Sahaviriya Steel Industries Pcl (SSI) , the country’s biggest steelmaker by market value, dropped 3.2 percent to 1.23 baht, the lowest close since March 18. ArcelorMittal, the world’s biggest steelmaker, plans to buy a 40 percent stake in G Steel Pcl, a Thai maker of the alloy, for about $250 million, both companies said in separate statements yesterday. Both Sahaviriya and G Steel produce hot-rolled steel coils.
G Steel shares have been suspended from trading since yesterday.
Serm Suk Pcl (SSC) , a bottler of PepsiCo Inc. beverages, climbed 1.7 percent to 46.25 baht. PepsiCo agreed to Serm Suk’s proposal to amend agreements with the U.S. soft drinks maker, according to Serm Suk’s statement to the stock exchange. PepsiCo said in a letter to Serm Suk that it’s “confident that the final drafting of the agreement can be completed in a form acceptable to all parties,” it said.
Siam Industrial Credit Pcl (SICCO) , a financial company, jumped 8.8 percent to 4.2 baht, the steepest advance since July 15. Siam Commercial Bank Pcl (SCB) said it scrapped a plan to sell its 38.7 percent stake in Siam Industrial to Thai Credit Retail Bank Pcl after the deadline passed. Siam Commercial will consider other methods of disposing of the holding, it said. Siam Commercial rose 1.5 percent to 103.5 baht.
To contact the reporter on this story: Anuchit Nguyen in Bangkok at firstname.lastname@example.org
To contact the editor responsible for this story: Darren Boey at email@example.com