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Thailand Stocks: Golden Land, Indorama Ventures, True Corp.

Feb. 2 (Bloomberg) -- Shares of the following companies had unusual moves in Thailand trading. Stock symbols are in parentheses and prices are as of the 4:30 p.m. close in Bangkok.

The SET Index rose 18.15, or 1.9 percent, to 977.84. The gauge dropped 2.7 percent in the previous three days.

Golden Land Property Development Pcl (GOLD TB), a property developer, fell 3.9 percent to 3.46 baht, the steepest decline since Jan. 24. Golden Land plans to sell as many as 504 million shares to existing investors, the company said in a statement today. Golden Land shareholders will be offered four new shares for every five shares held at a price of 3 baht per share, the company said.

Indorama Ventures Pcl (IVL TB), Thailand’s biggest maker of chemicals for plastic bottles and polyester, jumped 8.2 percent to 39.5 baht, the most since Dec. 22. Indorama Resources, Indorama Ventures’ biggest shareholder, submitted a written letter affirming its commitment to exercise its option for the subscription of 346.6 million new shares, the company said in a regulatory filing.

True Corp. (TRUE TB), which operates Thailand’s third-biggest mobile-phone network, rose 3.2 percent to 6.45 baht, halting a two-day, 9.4 percent slide. The company had its share-price forecast raised to 7.90 baht from 5.50 baht at Kelive Research, which cited its acquisition of a mobile-phone network in Thailand.

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

To contact the editor responsible for this story: Darren Boey at dboey@bloomberg.net

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