November 30, 2012 / 3:30 AM / 5 years ago

STOCKS NEWS THAILAND-Robinson Department Store falls on block sales

Shares in Robinson Department Store Pcl fell 3.6 percent to 61 baht after a number of block sales in early trade, mostly at 60.5 baht each, according to stock exchange data.

The broader stock market was up 0.47 percent.

A term sheet seen by Reuters on Thursday said Asia Investment International had launched a stake selldown of up to $223 million of the Thai department store operator.

1023 (0323 GMT)

(Reporting by Viparat Jantraprap in Bangkok; Editing by Subhranshu Sahu)


10:15 STOCKS NEWS THAILAND-Citi maintains ‘buy’ on Bank of Ayudhya

Citi Research maintained its ‘buy’ rating on Bank of Ayudhya Pcl BAY.BK after Thailand’s fifth-largest lender appointed CFO Janice Van Ekeran as its new CEO, pending regulatory approval. (Full Story)

Mark John Arnold, the bank’s CEO, is leaving by year-end to pursue other interests in Europe, the Thai bank said in a statement on Tuesday. (Full Story)

“Khun Janice has been with BAY for six years with prior experiences in GE Money in the US. The Board also promoted Phillip Tan, ex-CEO of GE Money Thailand, current Chairman of Krungsri Auto, and Head of e-business, as the new President,” the broker said in a report dated Nov. 29.

“The appointment of strong GE executives with local background highlights that business momentum should remain steady. We view the appointments as a positive to calm the market concerns after Khun Mark Arnold resigned earlier this week.”

The broker kept its target price on the stock at 38 baht. As of 1002 (0302GMT) Bank of Ayudhya shares were up 2.5 percent at 31 baht.

1002 (0302GMT)

Reporting by Viparat Jantraprap in Bangkok; Editing by Subhranshu Sahu

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