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Thai Eastern Water puts share buyback plan on hold


October 4, 2008

Thai Eastern Water puts share buyback plan on hold

Thailand's Eastern Water Resources said on Friday it would not put to shareholders a proposal to buy back its shares since such a move seemed unlikely to help its stock price in the current environment, reported Reuters.

The company has also cancelled a plan to pay an interim dividend for the current business year and would stick to a one-off, full-year payout, finance chief Thidarut Kraiprasit told Reuters, adding that the dividend would be higher than the previous payout of 0.25 baht ($0.731).

The country's biggest industrial water supplier, which had planned to submit the share buyback plan for approval at a board meeting in September, would look at the matter again in December, Thidarut said.

"We've decided not to propose the plan just yet as we see this isn't really an urgent matter and might not now help as most shares are falling across the board," Thidarut said.

"We plan to propose the plan again in December and later at a shareholders' meeting in January."

Eastern Water has targeted a rise of almost 30 percent in net profit in the year that ends on Sept. 30. Last year it posted a net profit of 441 million baht.

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