Market Roundup 12 July 2023

1) Thai stock market overview

Thailand’s SET Index closed at 1,491.14 points, decreased 5.82 points or 0.39% with a trading value of 52 billion baht. The analyst stated that the Thai stock market edged higher in the morning session after the Election Committee passed on the case of Move Forward Party’s Pita in his eligibility for becoming the prime minister to the court as many analysts viewed that the stock market would respond positively if other political parties become the leading government such as PheuThai Party. However, there were a group of protesters staging a gathering in the evening, causing the stock market to decline in fear of any political events that could happen.

The analyst expected the Thai stock market tomorrow to continue moving narrowly, pressured by domestic political issues.


2) Minor International acquires 60% stake in Maldives’ Crystal Plaza Resort for THB1,300 million

Minor International Public Company Limited (SET: MINT) announced on Wednesday that its wholly-owned subsidiary, Minor Hotel Group MEA DMCC, had entered into a transaction to acquire 60% of the shares in Crystal Plaza Private Limited (Crystal Plaza) for US$36 million, or roughly THB1,250 million from the Ocean Mass Limited.

Crystal Plaza, which runs a resort in the Maldives, has a registered capital of US$ 20 million, or about THB690 million.

In the same transaction, another buyer, Dana Hospitality RSC Limited, acquired the remaining 40% of Crystal Plaza’s total shares.

Crystal Plaza is now a wholly owned subsidiary of MINT following the aforementioned share acquisition.


3) Thai court to decide eligibility of PM candidate of Move Forward Party Pita

The Election Commission of Thailand decided on Wednesday to refer to the Constitutional Court for ruling on whether Move Forward Party leader and prime ministerial candidate Pita Limjaroenrat should be disqualified as a representative due to a shareholding dispute.

According to reports, the election board also asked that Pita be temporarily suspended from his parliamentary position awaiting the outcome of the court case.

This referral occurs just one day before Pita challenges the office of prime minister in the two houses of parliament. To create the next government, he has the support of eight parties in a coalition.