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Thailand Stocks: Bangchak, G Steel, Hemaraj Land, ICBC Thai

Aug. 26 (Bloomberg) -- Thailand’s SET Index rose 1.59, or 0.2 percent, to close at 886.10, its first advance in three days.

Bangchak Petroleum Pcl (BCP TB), a Thai state-controlled refiner, climbed 1.4 percent to 14.7 baht, the most in three weeks. The company said it will pay an interim dividend of 0.5 baht a share for first-half earnings.

Dimet Siam Pcl (DIMET TB), a producer of paints, fell 3.9 percent to 0.74 baht, the first drop in three days. Net income for the year ended June 30 declined 13 percent to 5.6 million baht ($178,131).

G Steel Pcl (GSTEEL TB), a steelmaker, surged 28 percent to 0.59 baht, the most since October 2008. G Steel plans to offer as many as 5.1 billion new shares to bondholders, it said in a regulatory filing today. The share offering is part of the plan to restructure $170 million in bonds, it said.

Hemaraj Land & Development Pcl (HEMRAJ TB), the nation’s biggest industrial developer by market value, jumped 7.1 percent to 2.10 baht, the highest level since October 1997. Ford Motor Co. and Mazda Motor Corp. will spend $350 million to expand a jointly owned pickup truck factory at Hemaraj’s industrial complex in Rayong province, 200 kilometers east of Bangkok, as auto production and demand grows in the Southeast Asian nation.

Industrial & Commercial Bank of China (Thai) Pcl (ICBCT TB), controlled by Industrial & Commercial Bank of China Ltd., slid 23 percent to 19.2 baht, halting a six-day, 117 percent rally. The lender reiterated a plan to delist its shares from the Stock Exchange of Thailand. The bank is in the process of getting approvals for the delisting, it said in a regulatory filing.

To contact the reporter on this story: Anuchit Nguyen in Bangkok at anguyen@bloomberg.net

To contact the editor responsible for this story: Linus Chua at lchua@bloomberg.net

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