Thailand’s Market for Alternative Investment (mai) will list and trade Jubilee Enterprise PCL on November 9, using JUBILE as its trading symbol, after raising funds of THB98 million (approx.USD2.93 million) to expand its business. It will be the ninth firm to list on mai this year, revealed Group Head, Issuer & Listing and mai President Chanitr Charnchainarong.
JUBILE manufactures and distributes jewelry and diamonds under the trademark “Jubilee Diamond” through department stores nationwide. Moreover, the company has distributes through its alliances, including leasing and credit card companies. JUBILE’s marketing strategies are to sell high-quality products and build customer confidence with diamond certificates from international institutes.
The firm has a total paid-up capital of THB170 million (approx. USD5.08 million), consisting of 135 million existing common shares and 35 million capital increase shares, with a par value of THB1.00 each. At its initial public offering (IPO) on October 26-28, the company raised THB98 million (approx.USD2.93 million), by offering 35 million shares to the general public at THB2.80 per share. The company also offered 5 million warrants for its directors and employees with a five-year maturity at no cost. The funds raised will be used for business expansion and as working capital. Capital Nomura Securities PCL was its financial advisor and underwriter.
The company’s P/E ratio at its IPO's price was at 10.94 times. This calculation was based on earnings per share calculated from the past 12 months of its operating performance (July 1, 2008-June 30, 2009) divided by number of shares after the IPO and shares from warrants that had been exercised, or a total of 175 shares.
JUBILE’s dividend policy is to pay not less than 60% of net profit after corporate tax and legal reserves. The company’s major shareholders are Mr. Viroj Pornprakit’s group, K-SME Holding Co., Ltd., and Mr. Prasert Boonmayam, who hold 60.00%, 8.82%, and 2.26%, respectively, of total shares after the IPO.
For more information about Jubilee Enterprise PCL, please see the company's prospectus at the Securities and Exchange Commission's website, www.sec.or.th ;
Thursday, November 19, 2009
Thursday, November 12, 2009
LES MUST COLLECTION ARRIVES NEXT YEAR
Richemont Luxury (Thailand) next year will offer Les Must timepieces, jewellery and leather accessories for men and women as part of Cartier's worldwide launch of a more affordable collection.
"It's better to widen our customer base amid the gloomy economy. However, Cartier has no plan to focus much more on this segment. We will still concentrate on maintaining our image as a luxury brand," country manager Narumol Patra-thiranond said yesterday.
Prices for Les Must jewellery start from Bt20,000 and for |watches from Bt100,000, while Cartier's jewellery and timepieces normally start from Bt50,000 and Bt250,000.
Richemont is the exclusive importer for Cartier watches and jewellery.
Narumol said the company was trying to maintain Cartier's sales this year above last year's level, but declined to disclose the brand's sales and growth target.
Marie Rainero, assistant manager for watches at Richemont Asia Pacific, said Cartier recently introduced the Haute Horlogerie line for men and timepiece collectors. This is the first time that Cartier has developed its own movements.
Cartier has been recognised as a jewellery and watch brand for women.
Cartier timepiece movements are normally developed by its partners. From now on, movements of Cartier's collection for men will be developed and manufactured by the company. Its women's collection will still be developed by several partners.
"As a world-leading timepiece manufacturer, it is our achievement to develop and make our own movements," she said.
Narumol said Cartier would hold two events to introduce the new men's collection to selected guests this month.
"It's better to widen our customer base amid the gloomy economy. However, Cartier has no plan to focus much more on this segment. We will still concentrate on maintaining our image as a luxury brand," country manager Narumol Patra-thiranond said yesterday.
Prices for Les Must jewellery start from Bt20,000 and for |watches from Bt100,000, while Cartier's jewellery and timepieces normally start from Bt50,000 and Bt250,000.
Richemont is the exclusive importer for Cartier watches and jewellery.
Narumol said the company was trying to maintain Cartier's sales this year above last year's level, but declined to disclose the brand's sales and growth target.
Marie Rainero, assistant manager for watches at Richemont Asia Pacific, said Cartier recently introduced the Haute Horlogerie line for men and timepiece collectors. This is the first time that Cartier has developed its own movements.
Cartier has been recognised as a jewellery and watch brand for women.
Cartier timepiece movements are normally developed by its partners. From now on, movements of Cartier's collection for men will be developed and manufactured by the company. Its women's collection will still be developed by several partners.
"As a world-leading timepiece manufacturer, it is our achievement to develop and make our own movements," she said.
Narumol said Cartier would hold two events to introduce the new men's collection to selected guests this month.
Sunday, November 8, 2009
Zimbabwe escapes temporary sale ban
Zimbabwe on Thursday evaded a temporary ban from a global scheme to ban trade on conflict diamonds despite calls for the country to be suspended over human rights abuses in its gem fields.
A four-day Kimberley Process (KP)meeting handed Zimbabwe a June 2010 deadline to implement a work-plan, rejecting the scheme's own recommendation made four months ago that Harare face a six-month suspension.
"Zimbabwe is not suspended as was proposed, a joint work plan was adopted by this plenary meeting," said outgoing KP chair and Namibian deputy mining minister Bernard Esau late Thursday.
A KP reviewmission to Zimbabwe in July recommended a six-month suspension over human rights abuses alleged by the army against civilians in the eastern Marange diamond fields.
But Esau, who visited the area in August, said the meeting had decided that Zimbabwe would instead have "until June 2010 to implement the work plan."
"It was felt that we should give Zimbabwe the opportunity to address issues of compliance like removing the military from the Marange diamond fields," said Esau."If Zimbabwe is not compliant at the next review meeting in June 2010,the KP will have to think of other measures, but let us give them a chance."
Civil society groups had demanded the suspension of Zimbabwe's international diamond trade, with KP investigators in July citing "unacceptable and horrific violence against civilians by au-thorities" in the eastern gem fields.
"We fear the the KP plenary meeting might not take decisive steps about Zimbabwe," said Anne Dunnebacke from Global Witness, which wants Zimbabwe suspended from importing and exporting rough diamonds, ahead of the meeting.
In a joint communique issued at the end of the Kimberley meeting, the 37 members in attendance welcomed "Zimbabwe's commitment to urgently start implementation of the joint work plan."
The communique called on KP participants to ensure compliance with the system's certification scheme in Zimbabwe and to apply vigilance measures to contain illicit trade of Marange diamonds.
"The work plan was adopted by all parties attending the plenary, including Zimbabwe," Esau said in the coastal town of Swakopmund, saying that Marange had seen some improvement with the fencing off of the diamond fields.
The KP's working group chaired by the European Community would appoint a one or two-member team to work with Zimbabwe to implement the plan,he added.
The meeting also resolved to assist Venezuela, which voluntarily withdrew last September, to implement reforms in order for the south American country to be re-admitted the KP process.
"The Kimberley Process (KP) is assisting Venezuela in developing a plan of action to implement minimum standards to eventually fully re-integrate the country to the scheme ," said the communique.
A four-day Kimberley Process (KP)meeting handed Zimbabwe a June 2010 deadline to implement a work-plan, rejecting the scheme's own recommendation made four months ago that Harare face a six-month suspension.
"Zimbabwe is not suspended as was proposed, a joint work plan was adopted by this plenary meeting," said outgoing KP chair and Namibian deputy mining minister Bernard Esau late Thursday.
A KP reviewmission to Zimbabwe in July recommended a six-month suspension over human rights abuses alleged by the army against civilians in the eastern Marange diamond fields.
But Esau, who visited the area in August, said the meeting had decided that Zimbabwe would instead have "until June 2010 to implement the work plan."
"It was felt that we should give Zimbabwe the opportunity to address issues of compliance like removing the military from the Marange diamond fields," said Esau."If Zimbabwe is not compliant at the next review meeting in June 2010,the KP will have to think of other measures, but let us give them a chance."
Civil society groups had demanded the suspension of Zimbabwe's international diamond trade, with KP investigators in July citing "unacceptable and horrific violence against civilians by au-thorities" in the eastern gem fields.
"We fear the the KP plenary meeting might not take decisive steps about Zimbabwe," said Anne Dunnebacke from Global Witness, which wants Zimbabwe suspended from importing and exporting rough diamonds, ahead of the meeting.
In a joint communique issued at the end of the Kimberley meeting, the 37 members in attendance welcomed "Zimbabwe's commitment to urgently start implementation of the joint work plan."
The communique called on KP participants to ensure compliance with the system's certification scheme in Zimbabwe and to apply vigilance measures to contain illicit trade of Marange diamonds.
"The work plan was adopted by all parties attending the plenary, including Zimbabwe," Esau said in the coastal town of Swakopmund, saying that Marange had seen some improvement with the fencing off of the diamond fields.
The KP's working group chaired by the European Community would appoint a one or two-member team to work with Zimbabwe to implement the plan,he added.
The meeting also resolved to assist Venezuela, which voluntarily withdrew last September, to implement reforms in order for the south American country to be re-admitted the KP process.
"The Kimberley Process (KP) is assisting Venezuela in developing a plan of action to implement minimum standards to eventually fully re-integrate the country to the scheme ," said the communique.
Price rise could wipe out retailers
The number of retail gold outlets is expected to plunge over the next five years,as continued high prices make it harder to stay afloat, while the growing popularity of paper transactions in the futures market saps demand for physical gold.
"We are afraid that only 10% of the gold outlets now totalling about 6,000 can stay alive over the next five years,with the rest being forced to close as higher gold prices would lead people to sell the precious metal and nobody will be buying," said Jitti Tangsithpakdi, president of the Gold Traders Association.
Mr Jitti and association members met yesterday with Commerce Ministry officials to discuss measures to help gold outlets stay afloat in a volatile market.
Transactions by gold outlets have sunk by as much as 45% since the Thailand Futures Exchange (TFEX) introduced gold futures in February, he said.
The value of gold futures contracts traded over the last two days on the TFEX has exceeded 4 billion baht.
The exchange is promoting gold futures as a tool for general investors and the jewellery industry to hedge against price swings in gold bars.
The recent fall in the oil market and high volatility in equities has drawn investors to the gold futures market.
Retail gold outlets are set for a bigger threat next year when the TFEX reduces its contract size to 10 baht-weight (151.6 grammes) from 50 baht-weight.
Smaller contracts would encourage more speculation, said Mr Jitti.
In the first nine months of this year,Thailand imported 82 tonnes of gold,but exports rose to 178 tonnes, surpassing imports for the first time and signalling that Thai people were saving less.
Last year, Thailand exported 130 tonnes of gold with imports of 240 tonnes.
World gold prices are forecast to rise to US$1,120 per ounce this month and local prices could top 18,000 baht per one-baht weight based on the exchange rate, as gold remains an attractive hedge against a weakening dollar, he said.
Gold in London was steady above $1,090 yesterday after closing at $1,088 on Thursday.
Gold hit a record high of $1,097.25 on Wednesday after rallying $25 the day before on news that India had bought 200 tonnes from the IMF. Local retail prices hit a historic high yesterday of 17,200 baht per one-baht weight for 96.5%purity and 17,700 baht for ornaments,compared with 16,600 and 17,000 baht respectively on Monday.
"We are afraid that only 10% of the gold outlets now totalling about 6,000 can stay alive over the next five years,with the rest being forced to close as higher gold prices would lead people to sell the precious metal and nobody will be buying," said Jitti Tangsithpakdi, president of the Gold Traders Association.
Mr Jitti and association members met yesterday with Commerce Ministry officials to discuss measures to help gold outlets stay afloat in a volatile market.
Transactions by gold outlets have sunk by as much as 45% since the Thailand Futures Exchange (TFEX) introduced gold futures in February, he said.
The value of gold futures contracts traded over the last two days on the TFEX has exceeded 4 billion baht.
The exchange is promoting gold futures as a tool for general investors and the jewellery industry to hedge against price swings in gold bars.
The recent fall in the oil market and high volatility in equities has drawn investors to the gold futures market.
Retail gold outlets are set for a bigger threat next year when the TFEX reduces its contract size to 10 baht-weight (151.6 grammes) from 50 baht-weight.
Smaller contracts would encourage more speculation, said Mr Jitti.
In the first nine months of this year,Thailand imported 82 tonnes of gold,but exports rose to 178 tonnes, surpassing imports for the first time and signalling that Thai people were saving less.
Last year, Thailand exported 130 tonnes of gold with imports of 240 tonnes.
World gold prices are forecast to rise to US$1,120 per ounce this month and local prices could top 18,000 baht per one-baht weight based on the exchange rate, as gold remains an attractive hedge against a weakening dollar, he said.
Gold in London was steady above $1,090 yesterday after closing at $1,088 on Thursday.
Gold hit a record high of $1,097.25 on Wednesday after rallying $25 the day before on news that India had bought 200 tonnes from the IMF. Local retail prices hit a historic high yesterday of 17,200 baht per one-baht weight for 96.5%purity and 17,700 baht for ornaments,compared with 16,600 and 17,000 baht respectively on Monday.
Central to expand fashion-watch range
Central Trading, importer and distributor of brand-name goods, will be expanding its portfolio fo wathches next year to serve increasing demand.
The company currently sells five fashion watch brands, including Casio G-Shock and Guess. The segment increases by 30 per cent per year on average and the sale of Casio and Guess models is expected to ries by the same level this year.
Central Trading is holding a "Shock the World" global campaign from December 9 to sell the Casio G-Shock series in several major cities, including Berlin, London, Paris, Hong Kong and Bangkok.
The company currently sells five fashion watch brands, including Casio G-Shock and Guess. The segment increases by 30 per cent per year on average and the sale of Casio and Guess models is expected to ries by the same level this year.
Central Trading is holding a "Shock the World" global campaign from December 9 to sell the Casio G-Shock series in several major cities, including Berlin, London, Paris, Hong Kong and Bangkok.
Wednesday, November 4, 2009
IMF SELLS 200 TONNES TO INDIA
The International Monetary Fund recently sold 200 tonnes of gold to the Reserve Bank of India for US$6.7 billion (Bt224 billion), its first sale of the precious metal in nine years.
The transaction, which involved daily sales from October 19 to last Friday at market prices, is in the process of being settled, the IMF said yesterday in a statement.
The average price in the sales to India was about $1,045 an ounce, an IMF official said on a conference call with reporters. Gold for immediate delivery rose in Asia, approaching a record $1,070.80 an ounce.
"The most important thing is that people want gold even at these prices," said Ghee Peh, head of mining research at UBS in Hong Kong.
"There's good support for prices for now" from the IMF's disposal of bullion, he said.
ASIAN DIVERSIFICATION
The sale accounts for almost half of the 403.3 tonnes the Washington-based lender in September agreed to sell as part of a plan to shore up its finances and lend at reduced rates to low-income countries. Asian nations, which have amassed stockpiles of foreign-currency reserves since the 1997 financial crisis, have shown increased interest in diversifying out of US assets as the US dollar loses value against other currencies.
Gold for immediate delivery rose 0.5 per cent to $1,064.90 an ounce yesterday morning in Singapore. December-delivery gold jumped 1.1 per cent to $1,065.40 an ounce on the New York Mercantile Exchange's Comex Division, the highest price for a most-active contract since October 23 and approaching the October 14 record of $1,072 an ounce.
"This is positive for the gold market, as bilateral sales which avoid the open spot market will avoid adding to marginal physical supply," said David Barclay, a commodity strategist with Standard Chartered Bank in Hong Kong.
"India's purchases are arguably fresh buying, since they were not a presence in the spot market before this."
Proceeds from the sales and other IMF resources, as well as individual contributors, will help pay for discounted interest rates on loans to low-income countries, the IMF said in July. It plans to grant as much as $17 billion in extra loans to poor nations through 2014. The 403.3 tonnes the IMF agreed to sell amount to one-eighth of its stockpile.
"This transaction is an important step toward achieving the objectives of the IMF's limited gold-sales programme, which are to help put the fund's finances on a sound long-term footing and enable us to step up much-needed concession lending to the poorest countries," IMF managing director Dominique Strauss-Kahn said in an e-mail yesterday regarding the sale to India.
China, the world's biggest gold producer, has increased reserves |of the metal 76 per cent to 1,054 tonnes since 2003 and now has the fifth-biggest holdings by country, |Hu Xiaolian, head of the State Administration of Foreign Exchange, said in April.
The nation may purchase some of the 403.3 tonnes of gold being offered by the IMF, the website Market News International reported in September, citing two unidentified government officials.
The lender has said it is ready to sell directly to central banks and later make transactions on the open market if necessary. The IMF official yesterday declined to say whether other central banks had expressed interest in purchases.
The IMF, which has helped shore up economies from Pakistan to Iceland over the past year, has sold gold on several occasions before. The last transaction was authorised in December 1999 and took place off-market between then and April 2000.
The transaction, which involved daily sales from October 19 to last Friday at market prices, is in the process of being settled, the IMF said yesterday in a statement.
The average price in the sales to India was about $1,045 an ounce, an IMF official said on a conference call with reporters. Gold for immediate delivery rose in Asia, approaching a record $1,070.80 an ounce.
"The most important thing is that people want gold even at these prices," said Ghee Peh, head of mining research at UBS in Hong Kong.
"There's good support for prices for now" from the IMF's disposal of bullion, he said.
ASIAN DIVERSIFICATION
The sale accounts for almost half of the 403.3 tonnes the Washington-based lender in September agreed to sell as part of a plan to shore up its finances and lend at reduced rates to low-income countries. Asian nations, which have amassed stockpiles of foreign-currency reserves since the 1997 financial crisis, have shown increased interest in diversifying out of US assets as the US dollar loses value against other currencies.
Gold for immediate delivery rose 0.5 per cent to $1,064.90 an ounce yesterday morning in Singapore. December-delivery gold jumped 1.1 per cent to $1,065.40 an ounce on the New York Mercantile Exchange's Comex Division, the highest price for a most-active contract since October 23 and approaching the October 14 record of $1,072 an ounce.
"This is positive for the gold market, as bilateral sales which avoid the open spot market will avoid adding to marginal physical supply," said David Barclay, a commodity strategist with Standard Chartered Bank in Hong Kong.
"India's purchases are arguably fresh buying, since they were not a presence in the spot market before this."
Proceeds from the sales and other IMF resources, as well as individual contributors, will help pay for discounted interest rates on loans to low-income countries, the IMF said in July. It plans to grant as much as $17 billion in extra loans to poor nations through 2014. The 403.3 tonnes the IMF agreed to sell amount to one-eighth of its stockpile.
"This transaction is an important step toward achieving the objectives of the IMF's limited gold-sales programme, which are to help put the fund's finances on a sound long-term footing and enable us to step up much-needed concession lending to the poorest countries," IMF managing director Dominique Strauss-Kahn said in an e-mail yesterday regarding the sale to India.
China, the world's biggest gold producer, has increased reserves |of the metal 76 per cent to 1,054 tonnes since 2003 and now has the fifth-biggest holdings by country, |Hu Xiaolian, head of the State Administration of Foreign Exchange, said in April.
The nation may purchase some of the 403.3 tonnes of gold being offered by the IMF, the website Market News International reported in September, citing two unidentified government officials.
The lender has said it is ready to sell directly to central banks and later make transactions on the open market if necessary. The IMF official yesterday declined to say whether other central banks had expressed interest in purchases.
The IMF, which has helped shore up economies from Pakistan to Iceland over the past year, has sold gold on several occasions before. The last transaction was authorised in December 1999 and took place off-market between then and April 2000.
Audemars Piguet rewards customers with golf tournament
Audemars Piguet, the luxury watch brand, organised Audemars Piguet Invitational Golf Tournament 2009 as part of its annual customer relations activities. Tripong Mattapongsri, sales and marketing co-ordinator of Audemars Piguet, along with the management team, welcomed exclusive customers to the tournament.
Gold here to stay
Asian countries including China, Japan and Thailand are unlikely to sell gold in the coming years, the European Central Banks principal adviser in market operations said yesterday at a conference in Edinburgh.
"I anticipate these countries are very unlikely to appear on the sell side of the market," Paul Mercier said."If anything, we will see a stabilisation, if not increase, in reserves of gold."
"I anticipate these countries are very unlikely to appear on the sell side of the market," Paul Mercier said."If anything, we will see a stabilisation, if not increase, in reserves of gold."
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