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Italian-Thai, Loxley fall on worries over Thai water projects
June 9, 2014 / 4:25 AM / 3 years ago

Italian-Thai, Loxley fall on worries over Thai water projects

BANGKOK, June 9 (Reuters) - Shares of Italian-Thai Development Pcl hit a one-week low on Monday and Loxley Pcl also fell after reports that Thailand’s military government was freezing investments worth 350 billion baht ($10.8 billion) in flood- and water-management projects.

Loxley has a joint venture with Italian-Thai and Korea Water Resources Corp (K Water) that is working on one of the water projects.

The military authorities are due to meet government agencies working on the projects later on Monday. Much of the work had already been stopped by a court in June 2013 pending public hearings and environmental assessments.

Italian-Thai has already invested about 150 million baht ($4.6 million) in the projects and could see the greatest impact from any changes to the projects, according to strategists at broker Maybank Kim Eng Securities.

Italian-Thai shares fell as much as 4.5 percent to 4.7 baht, whereas the main Thai stock index rose 0.3 percent.

Loxley shares dropped almost 3 percent, retreating from a six-month high in the previous session.

$1 = 32.4600 Thai Baht Reporting by Viparat Jantraprap; Editing by Alan Raybould and Subhranshu Sahu

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