Italian-Thai Development shares fall over cancellation of Myanmar SEZ contracts

Shares of Italian-Thai Development (ITD) fell 3.51 per cent to 1.10 baht at 11.40 am Wednesday with a trading value of 43.36 million baht, after the company notified the market that all of its concession agreements in Dawei, Myanmar had been aborted.

ITD, a well-known one-stop service contractor, said in the statement on the Stock Exchange of Thailand (SET) on Tuesday that the firm received a notice of termination for all seven concession agreements in Dawei Special Economic Zone (DSEZ) on December 30.

According to the statement, the management committee of DSEZ alleged that ITD failed to pay concession fees and cannot comply with certain preconditions for operating there.

The Dawei Special Economic Zone project is the development of an industrial estate of 27 square kilometres including supporting infrastructure and utilities. ITD and five other registered companies in Myanmar had been granted contracts for its development.

Of the seven concession agreements granted to ITD, six were signed on August 5, 2015 and an additional one signed on March 29, 2016.

The ITD board of directors met on January 11 to address the DSEZ accusations, and have instructed their legal advisor to prepare a letter of clarification and rebuttal.

The company will further inform the market of any development, it said.

Meanwhile, the SET index on Wednesday (as of 11.40 am) stood at 1550.98 points, rising 11.13 points or 0.72 per cent, with a total trading value of 43.96 billion baht. The energy sector is performing strongly with PTT (+ 2.29 per cent), GPSC (+4.49 per cent), and PTTET (+5.14 per cent) as the most-traded stocks by value in the morning session.

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