Bangkok--Jan 27--SET
The President of The Stock Exchange of Thailand (SET), Mr. Kittiratt Na-Ranong, disclosed that at the SET Board of Governors’ meeting today (Jan. 26, 2005), the Governors approved an investment of THB200 mln. in the ‘Tsunami Recovery Fund’ established by the government to help relieve the victims in the South.
“The Tsunami Recovery Fund will reach THB3,000 mln. in size. Participating institutions include the SET, members of the Thai Bankers’ Association and the Government Saving Bank. MFC Asset Management will act as the fund manager. The SET will be a co-coordinating institution in the establishment of the fund,” the SET President said.
The Tsunami Recovery Fund is aimed at providing financial support to affected businesses in 6 southern provinces. All participating institutions will be working to help those businesses in need on February 3-5, 2005. The Fund’s committee, together with executives and staff of every bank, will meet and consider the granting of loans in Phuket on a case-by-case basis. This endeavor is aimed at particularly helping the most severely affected areas like Khao Lak and Pa Tong Beach.
He also said that: “If any business owners do not wish to continue their businesses; the Fund will be willing to manage their investments instead. And, in the future, if the business owners wish to have their businesses back, the Fund will sell it back to them at a fair price.”
Prior to this investment, the SET Board had approved THB120 mln. worth of donations in cooperation with FeTCO on a project to build permanent residences for the victims.
For more information,
please contact the Corporate Communication Dept.:
Ladawan Kantawong Tel: 0-2229-2036 /
Kulvida Jintakawong Tel: 0-2229-2037 /
Nattaporn Boonprapa Tel: 0-2229-2049 End.