Thoresen Thai Agencies wins top award 'Thailands Best-Managed Company by Asiamoney'
Thoresen Thai Agencies has been voted Thailand's best managed medium-cap company for 2007 in Asiamoney's Annual Best Managed Company Awards. Asiamoney, the region's most widely read financial monthly publication, has talked to domestic and international analysts and fund managers to determine the best-managed small, medium and large-cap corporations across the region.
M.L. Chandchutha Chandratat, Managing Director of Thoresen Thai Agencies Public Company Limited ("TTA") said that, "TTA is extremely honoured to receive 'Thailand's Best-Managed Medium-Cap Corporation for 2007 from Asiamoney. It is one of the most prestigious accolades for Asian publicly listed companies. It is especially gratifying because this award was given by our shareholders and analysts who follow the company."
M.L. Chandchutha noted that, "TTA was rated against a range of objectives, including overall financial and business performance, management strategy, vision, investor relations, access to management and transparency, and corporate governance. As of September 30, 2007, TTA's net profits jumped 42 percent compared to the previous year. We executed several initiatives last year. Most notable was the successful issue of foreign convertible bonds in September, which raised USD 169 million. The proceeds will be used to fund TTA's fleet renewal and expansion plans. We also began a significant IT upgrade for the Dry Bulk Shipping Group. In addition, our regional diversification plan progressed remarkably well with new partnerships in Malaysia and Indonesia. TTA listed its majority-owned subsidiary, Mermaid Maritime Public Company Limited ("Mermaid") on the Singapore Stock Exchange ("SGX"), raising SGD 246 million. The funds will be used to expand Mermaid's fast growing sub-sea engineering and drilling businesses. The strategy should lead to greater diversification and higher net profit contributions from non-dry bulk shipping operations."
"We would like to thank Asiamoney for the award. This recognition not only makes us proud but also gives us greater confidence to pursue our present business strategy. We are much encouraged by the honour, and I would like to believe that all of us feel more committed today because of it. We are determined to become one of Asia's leading business groups in the near future and to create the best value for all our stakeholders - clients, partners, shareholders, employees, and the public," M.L. Chandchutha stressed.
Asiamoney's 'Asia's best-managed companies' poll is held annually. In 2007, a strong corporate vision, canny use of capital and an eye for detail were cited as the qualities that set the region's best companies apart from the rest. The awards are given out to the best-managed small, medium- and large-cap corporations across Asia.