Thai government sells part of Krung Thai Bank
BANGKOK: The Thai government has sold almost a quarter of the country’s largest state-run bank, Krung Thai Bank, kicking off a share sale that will raise up to US$740mil. Bank officials said yesterday 2.85 billion shares had been sold to institutional investors, with up to 600 million more on offer as the government reduces its stake in Krung Thai to 63% from 92%.
The shares in Thailand’s largest public offer this year were offered at 8.5 baht each, and the money raised will go to the Financial Institutions Development Fund, a central bank rescue arm that took over dozens of failed financial firms, including Krung Thai, during the 1997/98 Asian financial crisis. – Reuters
Toyota slapped with fine by tax bureau
TOKYO: Toyota Motor Corp, Japan’s top auto maker and its most profitable company, has agreed to pay an unspecified amount in taxes retroactively after authorities found it had failed to report some income. Toyota spokesman declined, however, to provide details, including whether the payment would affect the company’s earnings this year.
The Asahi Shimbun reported earlier that Toyota had failed to report 5 billion yen in taxable income, leading the Nagoya Regional Tax Bureau to order payment of 2 billion yen, including an administrative fine. – Reuters
Alston wins big Chinese, Dutch orders
PARIS: French engineering group Alstom has won orders in China and the Netherlands worth a combined 246 million euros.
Alstom said it had won a contract of around 184 million euros to supply 28 six-car Alstom Metropolis trains for Shanghai’s future Yangpu metro line. Separately, the company will supply its Atlas 200 train-control and signalling system in cooperation with Holland Railconsult for the Betuweroute, a dedicated freight rail line that runs from the Dutch port of Rotterdam to the German border. – Reuters
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