Some projects are more equal than others….By Bangkok Pundit Feb 26, 2010 6:00AM UTC
Have already blogged (here and here) on the Supreme Administrative Court decision upholding an injunction against 65 projects at the Map Ta Phut Industrial Estate and in particular on the biggest losers from the Map Ta Phut decision. Key excerpt:
If he really wanted to write about about a same entity which has lost out. BP has one for Thanong. Fact: Crown Property Bureau owns 30% of Siam Cement. Fact: Siam Cement has Map Ta Phut projects which have been put on hold as a result of the court decision. Fact: Since the court decision, Siam Cement stock price is down 7.2% (hard to show this as by the time you read this, it will have changed, but play around at the SET site and you can see). Fact: Their holdings were worth 84.6 Billion Baht before the decision and are now worth 78.5 Billion Baht (they have 360 million shares so you can do the math). Fact: This is a drop of 5.9 Billion Baht or US$184 million.
The Bangkok Post:
The Central Administrative Court yesterday announced that seven suspended projects in the Map Ta Phut industrial zone can resume construction.
Six of the approved projects belong to Siam Cement Group, one to PTT.
“Project construction was nearly completed [before the suspension],” Mr Chainoi said.
“With the court’s order, we will accelerate the construction process and begin testing.”
But Mr Chainoi said the seven projects approved to resume work may only complete construction and begin testing. It remains uncertain whether they will be allowed to start commercial operations.
BP: Little unsure why this applies only to the seven projects now? Are there any other projects in the same boat? Can they resume work too? This post is just raising some questions…