ASCO shareholders back Bt2.25 bn investment as asphalt demand rises.

TASCO shareholders have approved a Bt2.25 billion investment to buy an oil tanker and upgrade the company’s oil refinery to cater to increased demand for asphalt.
Chaiwat Sriwannawat, managing director of Tipco Asphalt PCL (TASCO), said that apart from the tanker purchase and refinery upgrade, the company had raised its sales target this year by a further 200,000 tonnes to a record 2.6 million tonness.
“This is due to the demand for asphalt both in the domestic and overseas markets that is rising, after many countries announced increased investments in basic utilities and roadworks. This has led to a growth in demand,” he said.
He said news that the Ministry of Commerce is asking rubber producers to lower prices will affect local producers, but not TASCO.
“That’s because for the domestic market, we are just a trader, not a producer,” Chaiwat said.
TASCO shareholders also approved the payment of a dividend of Bt0.60 a share for the second half of fiscal 2016. It had paid a total dividend of Bt0.90 a share for the whole year.