Sea Horse Plc to expand into ethanol business

Thailands Sea Horse Plc, primarily a seafood producer, is intent on expanding into ethanol manufacturing. The company announced a shift to the alternative energy business after Siritaj Rojanapruk and other business allies took over last year. But progress in developing its ethanol operations has been slow, in part due to the inability of the company to secure bank loans to finance the operation. Sea Horse also is under pressure from the Stock Exchange of Thailand (SET) to raise its free-float to the 15% minimum from 7.93% as of April 2. The company, which has a paid-up capital of 2.78 billion baht (US$83.1 million), told the SET last June that it would float 197 million shares by the end of the year to raise its free float and maintain its listing status. For now, frozen seafood continues to be the main source of company revenues. (July 14, 2008)