The SET-listed Thoresen Thai Agencies Plc (TTA) plans to raise capital in 2013 by selling US$67 million worth of new shares to a strategic partner, Bangkok Post reports. The Baconco fertiliser plant in Vietnam is one of TTA’s manyholdings, but CEO M.L. Chandchutha Chandratat says coal will be the big growth driver for the next few years.
The new capital will serve TTA's plan to expand its fleet to 26 by 2015 from 16 ships now, said M.L. Chandchutha Chandratat, president and chief executive of the country's leading dry-bulk carrier, at a shareholders' meeting yesterday.
The capital increase will be performed by its wholly-owned subsidiary Thoresen Shipping Singapore (TSS).
TTA is in the process of transferring all its ships to TSS as Singapore offers more favourable tax incentives than Thailand.
M.L. Chandchutha said the company has monitored the price of assets available in the market and will decide to shop the vessels at the most suitable price. TTA sold 15 ageing ships last year when the shipping industry was sluggish due partly to a glut of new ships. David Lawrence Ames, TTA's executive vice-president for transport, said the company has been in talks with potential partners.
Citing the projected scrapping of ships, TTA projects the dry-bulk business will improve in 2013.
M.L. Chandchutha said Oslo-listed Asia Offshore Drilling (AOD) will receive delivery of three jack-up rigs worth $538 million next year. TTA's Singapore-listed subsidiary Mermaid Maritime owns 33.75% of AOD, with Norway's Seadrill holding an equal stake.
He said coal and infrastructure businesses will be the major drivers of TTA's growth over the next two years. The company's mine in the Philippines has begun commercial production while it is in the exploration phase for a site in Indonesia's Kalimantan.
Chalermchai Mahagitsiri, the largest shareholder of TTA with 14% ownership, nominated himself and four others yesterday as company directors. The five candidates were later endorsed by the shareholders' meeting.
Mr Chalermchai is the son of Prayudh Mahagitsiri, one of Thailand's wealthiest men whose business empire includes Thainox Steel and Quality Coffee.
Shares of TTA closed unchanged yesterday on the Stock Exchange of Thailand at 21.20 baht in trade worth 71.17 million baht.
The new capital will serve TTA's plan to expand its fleet to 26 by 2015 from 16 ships now, said M.L. Chandchutha Chandratat, president and chief executive of the country's leading dry-bulk carrier, at a shareholders' meeting yesterday.
The capital increase will be performed by its wholly-owned subsidiary Thoresen Shipping Singapore (TSS).
TTA is in the process of transferring all its ships to TSS as Singapore offers more favourable tax incentives than Thailand.
M.L. Chandchutha said the company has monitored the price of assets available in the market and will decide to shop the vessels at the most suitable price. TTA sold 15 ageing ships last year when the shipping industry was sluggish due partly to a glut of new ships. David Lawrence Ames, TTA's executive vice-president for transport, said the company has been in talks with potential partners.
Citing the projected scrapping of ships, TTA projects the dry-bulk business will improve in 2013.
M.L. Chandchutha said Oslo-listed Asia Offshore Drilling (AOD) will receive delivery of three jack-up rigs worth $538 million next year. TTA's Singapore-listed subsidiary Mermaid Maritime owns 33.75% of AOD, with Norway's Seadrill holding an equal stake.
He said coal and infrastructure businesses will be the major drivers of TTA's growth over the next two years. The company's mine in the Philippines has begun commercial production while it is in the exploration phase for a site in Indonesia's Kalimantan.
Chalermchai Mahagitsiri, the largest shareholder of TTA with 14% ownership, nominated himself and four others yesterday as company directors. The five candidates were later endorsed by the shareholders' meeting.
Mr Chalermchai is the son of Prayudh Mahagitsiri, one of Thailand's wealthiest men whose business empire includes Thainox Steel and Quality Coffee.
Shares of TTA closed unchanged yesterday on the Stock Exchange of Thailand at 21.20 baht in trade worth 71.17 million baht.