Bangkok Post (Bangkok, Thailand) articles from November 2001

Bangkok Post (Bangkok, Thailand) archives from November 2001

No Foreign-Exchange Losses Help Lift Quarterly Profit for Thailand Cement Firm.
November 1, 2001... Nov. 1--Increased cement sales, a strongly performing pulp and paper business and gains from divestments sent Siam Cement Plc's (SCC) consolidated net profit in the third quarter up to 1.38 billion baht, compared with a net loss of 591 million...

Falling Consumer Confidence Takes Toll on Thai Economy.
November 1, 2001... Byline: Parista Yuthamanop Nov. 1--While the full impact of prevailing global tension on the Thai economy remains to be seen, the latest data from the Bank of Thailand point to falling consumer confidence diminishing prospects for a...

Thailand's Electronics Business Likely to Rebound Next Year, Expert Predicts.
November 1, 2001... Byline: Srisamorn Phoosuphanusorn Nov. 1--Prevailing global tension will worsen the slowdown in Thailand's electronics business in the short term but a turnaround with annual growth of at least 30 percent is forecast for next year. ...

Thailand Firm Swamped by Orders for Figurines Made from Used Car Parts.
November 1, 2001... Byline: Somporn Thapanachai Nov. 1--What's in junk? Perhaps not much for most people, apart from grime. But a small Thai company striving to make something useful from it sees a bright and lucrative future hidden beneath the grime. ...

Majority Control Sought in Thailand Pulp, Paper Firm.
November 1, 2001... Nov. 1--Siam Pulp and Paper Plc (SPP) says it wants to take a majority stake or even 100 percent of Phoenix Pulp and Paper Plc in order to have a management control and consolidate its pulp and paper operations and accounts. "The company...

Loans to Help Start New Small Businesses in Thailand.
November 1, 2001... Byline: Wichit Sirithaveeporn Nov. 1--A new government loan programme for the unemployed to start their own businesses will offer up to 100,000 baht in funds at interest rates of about 10.5 percent, according to Varathep Ratanakorn, a...

Bangkok Post Nikhil B. Srinivasan Column.
November 1, 2001... Byline: Nikhil B. Srinivasan Nov. 1--Reading the newspapers this week, one could be forgiven for thinking we are in the midst of a bull market. The government confirmed that the PTT listing would proceed with a price range of 31-35 baht a...

Thailand's Largest Cellular Phone Company Revamps Marketing to Head Off Rival.
November 1, 2001... Nov. 1--Cellular phone operator Advanced Info Service has revamped its marketing as part of internal restructuring. Songsak Premsuk, managing director of advertising agency SC Matchbox, was named executive vice-president for marketing on...

Thailand's Bank for Agriculture Board Broadens Client Base.
November 2, 2001... Byline: Wichit Sirithaveeporn Nov. 2--The board of the Bank for Agriculture and Agricultural Co-operatives has approved a proposed legal amendment expanding the bank's power to lend to community entrepreneurs, local administrations and...

Bangkok Post, Thailand, Insider Column.
November 2, 2001... Nov. 2--A COMPANY OUTING TO REMEMBER: All work and no play would make Siam Cement just another dull conglomerate. It needs the occasional gimmick to attract attention. Even among people who get paid to cover heavy industry for a living, the...

United Kingdom-Based Land Rover Plans to Manufacture Vehicles in Thailand.
November 2, 2001... Byline: Santan Santivimolnat Nov. 2--Land Rover plans to invest about 500 million baht over the next two years to assemble vehicles in Thailand for both the domestic and export markets. The United Kingdom-based unit of Ford's Premier...

Bangkok Post Arnat Leemakdej Column.
November 2, 2001... Byline: Arnat Leemakdej Nov. 2--The production process in the new economy has shifted from brand owners' factories into manufacturing by contract, as we discussed in last week's column. Consider this: Microsoft guarantees that its new...

US Officials Study Proposal as Deadline on Microsoft Case Approaches.
November 2, 2001... Byline: Peter Kaplan Nov. 2--With a court-imposed deadline looming today, US government officials are weighing a proposal to settle the landmark anti-trust case against Microsoft Corp, a source close to the case has said. Officials at...

Bangkok Post Kriengsak Niratpattanasai Column.
November 2, 2001... Byline: Kriengsak Niratpattanasai Nov. 2--Over the past few years, I have taken an interest in New Age trends, reading many books, mostly by New Age gurus from the United States. After reading several of them, many friends suggested that I...

Animals Strut Their Stuff at Pet Fashion Exposition in Thailand.
November 2, 2001... Byline: SUPHAPHAN PLENGMANEEPUN Nov. 2--Any casual spectator stopping by yesterday's fashion show at the Queen Sirikit National Convention Centre would have been amazed at the chaos. Models walked to their own tune, paying little heed...

Mobile Phone Firms in Thailand Wait for Debut of CP Orange.
November 2, 2001... Byline: Mongkol Jullayothin Nov. 2--For mobile phone operators, the fourth quarter is typically a peak time to add new customers, with heavy promotions linked to the gift-giving season the rule. But this year is different, as operators...

Thai Traders Say Growth in Rice Exports Relies on Sourcing New Markets.
November 2, 2001... Nov. 2--The government's attempts to increase rice shipments to major markets carved out by the private sector are counter-productive, according to traders who say export growth depends on finding new markets. The Commerce Ministry plans...

Thai Agency Sets Stringent New Rules for Fragrant Rice.
November 2, 2001... Nov. 2--Local packers have been barred from labelling their rice as Hom Mali unless the quality has been certified by the Commerce Ministry. Firms that do not comply with the new rules have been told to change their packaging by Jan 1,...

US-Based Satellite Imaging Firm Could Help Many Sectors in Thailand.
November 2, 2001... Nov. 2--US-based Space Imaging Corp, which also has private Thai investors, is urging Thailand to take advantage of its proposal to build a US $15-million remote sensing earth satellite station for its own benefits, saying it could move to...

Lack of Regulator Deters New Entrants in Thailand's Satellite Market.
November 2, 2001... Byline: Kanchana Pleumjit Nov. 2--Although Thailand has opened its market for satellite transponder services and the eight years of protection for the sole local provider, Shin Satellite, ended in September 1999, so far no foreign service...

Firm Hopes to Use Thailand Glove Operation to Break into Asia-Pacific Market.
November 3, 2001... Byline: Charoen Kittikanya Nov. 3--Belgium-based r.plus Technology, a specialist in reconditioning disposable gloves, plans to use its Thailand operation as a springboard to tap into the Asia-Pacific market, aiming to earn at least US$25...

Food Official Expects World Price of Rice to Gain in 2002.
November 3, 2001... Byline: Woranuj Maneerungsee Nov. 3--The depressed world price of rice is likely to pick up next year due largely to the declining output in major rice consuming countries, particularly China and Pakistan, according to a rice expert from...

US-backed Credit Plan for Small Thai Businesses Starts Slowly.
November 3, 2001... Byline: Srisamorn Phoosuphanusorn Nov. 3--The US Export-Import Bank's credit programme for Thai small businesses is off to a slow start because of limited marketing, officials say. Since the programme was announced in January, no loans...

Stay-at-Home Travel Trend in Thailand Appears Strong.
November 3, 2001... Byline: Nondhanada Intarakomalyasut Nov. 3--Talk of Thailand's tourism industry gaining a windfall from the growing reluctance of local people to travel abroad may be justified. The turnout and response of visitors to the Thailand...

Thai Entertainer Wants to Construct Tallest Tower in World.
November 3, 2001... Byline: Suphaphan Plengmaneepun Nov. 3--Celebrity entertainer Charaspong "Tu" Suraswadi dreams of building the highest tower in the world in memory of Thailand's Seven Great Kings. He wants the Ched Maha Raja-nusorn to replace the...

Thai Government Hopes to Export Three-Wheeled Vehicles.
November 3, 2001... Byline: Santan Santivimolnat Nov. 3--Makers of motorised three-wheelers, better known as tuk-tuks or samlor kruang, will be asked to pool their resources to produce engines and other key parts as part of the government's drive to boost...

Central Thai Body to Oversee Strategy for Agency Merger.
November 5, 2001... Nov. 5--Confusion among state agencies promoting the One Tambon, One Product programme has led the government to merge 16 different agencies into a central organisation. The programme, a centrepiece of the community development strategy,...

Bangkok Post, Thailand, Business Briefs Column.
November 5, 2001... Nov. 5--NEW SPREAD FOR SET SHARE DEALS: A new spread system for share transactions on the Stock Exchange of Thailand will begin today. SET president Kittiratt Na Ranong said the new system would boost trading liquidity, particularly for the...

Thai Crafts Find Favour with Foreign Buyers.
November 5, 2001... Byline: Somporn Thapanachai Nov. 5--A venture to make handicrafts more appealing to the export market has proved successful, largely because of the efforts of one creative designer. Despite the confusion among several state agencies...

Thai Hotel-Rate Projections Clouded by Global Tension.
November 5, 2001... Byline: Natalie Suwanprakorn Nov. 5--Hoteliers in Bangkok are being very cautious in projecting room rates for next year, saying volatile global conditions prevent them from making accurate demand and occupancy predictions. Industry...

Thai Music Firms Engage in Fierce Competition.
November 5, 2001... Nov. 5--While many core industries have become reliant on foreign partners, one Thai-owned segment remains strong -- the music industry. Britney Spears and Robbie Williams are heart throbs in much of the world but they can't lure Thailand's...

Key Thai Music Firms Undertake Expansion, Restructuring.
November 5, 2001... Nov. 5--While GMM Grammy Plc will dust off three business units that were suspended after recording losses, RS Promotion (1992) is undergoing major restructuring to improve its efficiency. The three business units to be relaunched by Grammy...

Tasmanian Company to Bring Wild Abalone to Thai Diners.
November 5, 2001... Byline: Natalie Suwanprakorn Nov. 5--Its closest relative is the garden snail but there similarities end. Coming from icy ocean waters, the abalone has made its name in Asia as the king of seafood. Abalone is available only in certain...

Impact of Thai Emergency Stimulus Package to Suffer Delay.
November 5, 2001... Byline: Chatrudee Theparat Nov. 5--Spending of the 58-billion-baht emergency stimulus package is unlikely to happen in time to help the economy this year, according to the National Economic and Social Development Board. The board,...

Bangkok Post Travel Column.
November 5, 2001... Byline: Imtiaz Muqbil Nov. 5--Two of Thailand's major competitors for the tourist dollar, Singapore and Australia, have announced new crisis-busting initiatives to kick-start their respective industries. The Australian Tourist...

Tesco Lotus to Build More Superstores, Says Thais Benefit.
November 5, 2001... Byline: Srisamorn Phoosuphanusorn Nov. 5--Tesco Lotus insists that it is committed to further business expansion in Thailand, with an overall policy to split new investment equally between Bangkok and rural provinces. David Reid,...

Bangkok Post, Thailand, Business Briefs Column.
November 6, 2001... Nov. 6--KTB AND NHA JOIN MORTGAGE SCHEME: Krung Thai Bank has agreed to extend up to 500 million baht in mortgage loans to customers of the National Housing Authority under an agreement signed yesterday. Interest rates will be fixed at 4...

Bangkok Post, Thailand, Insider Column.
November 6, 2001... Nov. 6--MAKING THE MOST OF AN ASSET, NPL-STYLE: Those who follow the twists and turns of corporate reform and debt restructuring have become accustomed to the prevailing local attitude of "too big to fail". The more you owe, the better...

Thai-Language Website for Teddy-Bear Lovers Makes Strong Debut.
November 6, 2001... Byline: Suphaphan Plengmaneepun Nov. 6--Teddy bears have been among the more popular collectibles for children and adults for more than a century, and they can also be a profitable business. Pairut Leelahakarnjana, an employee of a...

Thai Energy Agency Says Switch to Gas Would Lift Power Bills.
November 6, 2001... Nov. 6--Shifting power production by two projects in Prachuap Khiri Khan from coal-fired to gas turbines could lift the cost of electricity generation by 8.7 billion baht a year, which would be passed on to consumers. A senior official at...

Consultant Says Thailand Needs Clearer Laws to Encourage Foreign Investors.
November 6, 2001... Byline: Natalie Suwanprakorn Nov. 6--While Japanese investors are scrupulously reviewing their portfolios with an eye to cut costs and gauge profitability, Thailand needs to clear up cloudy industry regulations and tax laws, warned an...

Thai-New Zealand Venture to Ride Kayaks' Mounting Popularity Wave.
November 6, 2001... Nov. 6--Kayaking will eventually be as popular as mountain-biking in Thailand if the growing number of enthusiasts have their way. With this in mind, a Thai-New Zealand joint venture, Joy Sports Co, is pioneering local production of kayaks...

Small Petroleum Retailers Increase Share in Thai Market.
November 6, 2001... Nov. 6--Large petrol retailers are struggling to regain market share from smaller rivals that now claim about 33 percent of the market, up from 8 percent a decade ago. Four operators -- the corporatised Petroleum Authority of Thailand, now...

Thai Science Park Plans Commercial Operations by End of Year.
November 6, 2001... Nov. 6--Twelve years after being initiated, the country's first national science park will begin commercial research and development operations at the end of this year despite officials' disappointment with their small budget. Located on a...

New Trading Rule Sidelines Thai Investors.
November 6, 2001... Byline: Darana Chudasri Nov. 6--Thai stocks posted the lowest trading volume of the year yesterday, with investors avoiding the market on the debut of a new system for setting bid-and-ask spreads. Analysts said that heavy interest in...

Bangkok Post Travel Column.
November 6, 2001... Byline: By Nov. 6--In many debt-restructuring transactions, whether the restructuring is done under the auspices of the Bank of Thailand or through a rehabilitation plan approved by the court, a conversion of some debts into equity is...

Thai Telephone Agency Believes Its Share Price Can Top State Oil Company's.
November 6, 2001... Byline: Kanchana Pleumjit Nov. 6--The Telephone Organisation of Thailand is restructuring to emphasise five high-potential business areas, with a view to improving its share value ahead of a planned public offering in the second quarter of...

Thai Firms Want State to Support Poorer Nations at Trade Summit in Qatar.
November 6, 2001... Byline: Woranuj Maneerungsee Nov. 6--The private sector wants the government to press for special treatment for developing countries in world trade, at talks in Qatar this month. The global trade negotiations known as the World Trade...

Broadcasting Group, Marketers Make Pitch for Advertising on Pay-TV in Thailand.
November 6, 2001... Byline: Nondhanada Intarakomalyasut Nov. 6--United Broadcasting Corporation Plc (UBC), along with marketers and advertisers, is again stepping up the campaign to allow advertising on pay-television. Allowing advertising would not only...

Honda, Toyota Launch Efforts to Boost Sales in Thailand.
November 7, 2001... Byline: Santan Santivimolnat Nov. 7--With an eye on an upturn in vehicle sales, Honda and Toyota are stepping up campaigns to increase their share of the market. Honda has launched a "10 million thanks" campaign to mark the sale of 10...

Bangkok Post, Thailand, Insider Column.
November 7, 2001... Nov. 7--WHAT PRICE TOT SHARES? WHATEVER IT WANTS: Some of you might have raised an eyebrow at a report yesterday, in which a Telephone Organisation of Thailand executive indulged in a little game of "mine is bigger than yours". ...

Thai Private Sector Welcomes Inclusion of Beijing.
November 7, 2001... Nov. 7--The Thai private sector is welcoming the planned establishment of an Asean-China free-trade area, saying it would improve the bargaining power of Asean countries in the global community. Integration would help expand trade and...

IPO Applications Swamp Underwriters for Internet Thailand.
November 7, 2001... Byline: Cholada Ingsrisawang Nov. 7--Internet Thailand expects its shares to begin trading within seven days after completing its spectacularly successful initial public offering. According to Settrade.com, 30 million shares available...

Bangkok Post Net Worth Column.
November 7, 2001... Byline: Andrew Leppard Nov. 7--In this week's article, we look at the investment advantages alongside the tax implications for Australian investors who take out investment bonds and savings plans in financial jurisdictions outside their...

Younger Brother of Thai Real-Estate Industry Giant Makes His Own Mark.
November 7, 2001... Byline: Krissana Parnsoonthorn Nov. 7--For the Assavabhokhin family, property may be in the blood. After all, Anant Assavabhokhin is a giant in the industry with leading real estate firm Land and Houses Plc. Now his younger brother Anuphong...

Ponderosa, Bennigan's to Open Restaurants in Thailand in 2002.
November 7, 2001... Byline: Sukanya Jitpleecheep Nov. 7--New York restaurant chains Ponderosa and Bennigan's will open their doors in Thailand next year, unworried by the economic slowdown. Entering the market when the economy was in a down-cycle would...

Tax Reforms in Thailand Aim to Deliver Value.
November 7, 2001... Byline: Neil Muir Nov. 7--Every month taxpayers pay their taxes to the government -- in 2001 total tax revenue is expected to amount to 717 billion baht. Individual taxpayers pay about 20 percent of their monthly income in direct taxes...

China, Group of Southeast Asian Nations Seal Free-Trade Pact.
November 7, 2001... Byline: Achara Ashayagachat Nov. 7--Leaders of Asean and China yesterday agreed to establish a free-trade area within 10 years and to give lesser developed Asean economies special treatment and flexibility in achieving the goal. Senior...

Wireless Control Firm in Thailand Seeks Wider Market.
November 7, 2001... Byline: Supaphan Plengmaneepun Nov. 7--Consumers can now buy a wireless control system for home and office lighting, a product first conceived in 1993 by a local manufacturer, R&D Computer System Ltd. A prominent local producer of...

Bangkok Post, Thailand, Insider Column.
November 8, 2001... Nov. 8--CEO DEBATE TAKES A FUNNY TWIST: Grumbling continues in some corners of Thai Rak Thai about the Supreme Leader's vaunted CEO style. Recently it was the turn of Adisorn Piangkate, a member of PM ThakShin's advisory board (chaired by...

Thai Government Offers Economic Relief Programmes for Property, Jobs.
November 8, 2001... Byline: Wichit Sirithaveeporn Nov. 8--The government yesterday unveiled programmes totalling 16.3 billion baht aimed at stimulating the property market and creating new jobs. Prime Minister Thaksin Shinawatra said the programmes would...

Thai Credit-Card Firms Fear Proposed Cap on Interest-Rate Spreads.
November 8, 2001... Byline: Suphaphan Plengmaneepun Nov. 8--The proposed legal limit on interest rate spreads could lead to the closure of some credit card providers, according to Visa International "It is impossible for credit card businesses to be...

Thai Government Launches Organic Farming Drive.
November 8, 2001... Byline: Somporn Thapanachai Nov. 8--The government has recruited 7,600 farmers for its drive to promote organic farming. A total of 300 million baht will be sought from the government's 58-billion-baht emergency economic stimulus fund...

Thai Consumer-Finance Firm Eyes Blue-Chip Status, Defends Price.
November 8, 2001... Byline: Cholada Ingsrisawang Nov. 8--The consumer finance firm Aeon is confident that it will become a blue-chip stock once it enters the Stock Exchange of Thailand, and insists that its initial public offering price of 48 to 52 baht per...

Thai Property Developer to Focus on Home-Front Hotel Projects.
November 8, 2001... Byline: Nondhanada Intarakomalyasut Nov. 8--Pacific Assets Plc, a Bangkok-based property developer, has responded to growing uncertainty about tourism by deferring planned investments overseas to focus on local ventures. The company...

Competitive Climate Prompts Bangkok Insurance Firm to Change Its Approach.
November 8, 2001... Byline: Walailak Keeratipipatpong Nov. 8--The world is getting smaller by the day. Especially when it comes to drumming up business in Thailand's highly competitive insurance market. After five decades in the business, Bangkok...

Thai Stock Exchange Slides to Close at 13-Month Low.
November 8, 2001... Byline: Parista Yuthamanop Nov. 8--Thai shares yesterday closed down 2.29 percent at a 13-month low, with investors shrugging off Tuesday's interest rate cut by the US Federal Reserve to focus on the local economy. Most Asian markets...

Tourism Minister Needed to Drive Key Economic Engine in Thailand.
November 8, 2001... Byline: Nikhil B. Srinivasan Nov. 8--Thailand is very good at tourism. In fact, arguably, it is among the best countries in the world at tourism. Not only that, tourism has actually helped develop the economy and the country. The...

Thai Production Houses Feel Pinch as Advertisers Take Less Costly Alternatives.
November 9, 2001... Nov. 9--A difficult operating environment has driven four production houses out of the advertising business, which is worth three billion baht a year, and has forced existing players to undercut fees to survive. Major companies are...

Auto Dealers in Bangkok, Thailand, Ponder Suit Against BMW.
November 9, 2001... Nov. 9--Eight BMW dealers nationwide are considering filing a lawsuit against BMW Thailand Co for its recent decision to end their dealership contracts. Representatives of M-One and Thai Ultimate Car yesterday claimed that BMW had undercut...

Missed Targets May Cause Contraction of Thai Economy.
November 9, 2001... Byline: Parista Yuthamanop Nov. 9--Thailand could see an economic contraction next year if fiscal stimulus and export promotion programmes miss targets, M.R. Pridiyathorn Devakula, governor of the Bank of Thailand, said yesterday. ...

Thai Government `Errors' Spark Economic Contraction Warning.
November 9, 2001... Byline: Natalie Suwanprakorn Nov. 9--Given the government's mistakes in assessing the domestic and global economies, Thailand's economy has worsened and will contract by between 1 percent and 2 percent next year, according to the Institute...

Rising Imports Fuel Trade Worry in Thailand.
November 9, 2001... Byline: Wichit Sirithaveeporn Nov. 9--Imports of luxury goods are showing alarming signs of increasing, while overall returns for the country from exports remain low due to high import content. Utid Tamwatin, an inspector-general of...

Dow Chemical's Thai Investments Still on Track.
November 9, 2001... Byline: Busrin Treerapongpichit Nov. 9--Dow Chemical says it remains committed to its investment strategy in Thailand despite an expectation of zero growth in the country's petrochemical industry this year. "We still look forward to...

Thai Incentive System for Investors Ready for Overhaul.
November 9, 2001... Byline: Chatrudee Theparat Nov. 9--The Board of Investment will adopt a new role, to provide comprehensive incentives to investors early next year following amendments to the investment promotion law, according to secretary-general...

Bangkok Post Kriengsak Niratpattanasai Column.
November 9, 2001... Byline: Kriengsak Niratpattanasai Nov. 9--One night, I was leaving the office with a British colleague. When we reached the lobby, his driver walked up to him and grasped his briefcase. "I've told him several times to stop doing this," my...

World Trade Tower Operator Says Bank Data Is Wrong.
November 9, 2001... Byline: Parista Yuthamanop Nov. 9--Wang Petchaboon Co, the operator of the World Trade Tower, says incorrect information released by its creditor has hurt its plans to finish building new office and exhibition space. Adul...

T-Shirts, Other Products with Dog Theme Find Niche Market in Thailand.
November 9, 2001... Byline: Supaphan Plengmaneepun Nov. 9--A love of dogs inspired the launch of a business based on the belief that one should do what one enjoys most. Sutanant Korapintanont came to that conclusion two years ago when she was looking to...

Review Pending as Thai Community Development Project Runs Outside Its Scope.
November 9, 2001... Byline: Suphaphan Plengmaneepun Nov. 9--All 6,340 projects registered under the One Tambon, One Product programme will be reviewed, as policymakers say the community development plan has strayed outside its stipulated goals. The...

Bangkok, Thailand, Trade Center Plans to Double in Size.
November 9, 2001... Byline: Nondhanada Intarakomalyasut Nov. 9--Despite the uncertain outlook for tourism and conventions, the Bangkok International Trade and Exhibition Centre (Bitec) plans to spend three billion baht to double in size. It recently...

Thailand Encouraged by WTO Shift in Focus to Helping Poorer Nations.
November 9, 2001... Nov. 9--With a new round of talks pending, Thailand sees the World Trade Organisation meeting opening in Doha today as the country's best chance of securing markets with minimum barriers for farm products. Thai optimism is not wishful...

Thailand Construction Firm Makes Deal with Chinese Machinery Company.
November 10, 2001... Byline: Soonruth Bunyamanee Nov. 10--RNC (Thailand ) Co, a major local sub-contractor and building construction firm, has entered a five-billion-baht joint venture with Shenyang Heavy Machinery Corp, a state enterprise from China, to build...

Thai Construction Contractor Signs Deal with Bangkok Airport for Project.
November 10, 2001... Nov. 10--Italian-Thai Development Plc (ITD) is upbeat about its performance for this year, and says the Suvarnabhumi International Airport project will help its revenue grow by at least 10 percent in each of the next three years. The...

Thailand Firm Now Largest Shareholder in Pulp, Paper Company.
November 10, 2001... Nov. 10--Siam Pulp and Paper Plc (SPP), a subsidiary of the Siam Cement Group, has become the largest single shareholder in Phoenix Pulp and Paper Plc now that a 24 percent share acquisition has been completed. The purchase of Phoenix...