denies news on loss from foreign exchanges

Sino-Thai Engineering and Construction Plc (STECON) flatly denied a published report which stated that the company faced approximately Bt1 billion in losses from the foreign exchanges because of Swiss franc loans. The company insisted it has no loans in the Swiss franc currency. STECON said that since late 1993, it has only had convertible debentures in US dollars worth US$80 million. It was stated in the issue contract that the exchange rate would be fixed at Bt25.42 per US dollar, said STECON. Translated by the Nati