SSI to reduce interest cost

SSI to reduce interest cost

According to recent market reports, Thai hot rolled steel producer Sahaviriya Steel Industries (SSI) announced that it forecasts to reduce its interest costs by Baht 830 million ($21 million) after its significant shareholders turn into their debentures into shares. The significant shareholders, including Bank of Ayudhya Bank PCL, will turn their debentures worth Baht 2.4 billion ($61 million) into shares by the end of 2003. Company officials stated that the transformation will also assist to reduce the company's debt-to-equity ratio to 0.91 from 1.28.