In a riveting turn of events, seven ambitious bidders have successfully qualified to participate in an exciting auction for 15,000 tonnes of rice leftover from the Yingluck Shinawatra administration’s famed rice-pledging scheme. Deputy Prime Minister and Commerce Minister Phumtham Wechayachai has confirmed that this highly-anticipated auction, involving the last vestiges of a decade-old stockpile, will proceed as planned next Monday.
The buzz around the auction has been palpable, with eight companies eagerly throwing their hats into the ring, submitting the necessary documents to prove their qualifications earlier this week. After rigorous screening, seven resilient contenders emerged victorious, gaining the green light to place their bids. The stage is set for a competitive showdown, with bids being accepted from 9 AM until noon and victors expected to be announced on June 21.
This intriguing drama unfolds against the backdrop of the storied Kittichai and Poolphol warehouses in the enchanting province of Surin. Here, the aged rice lies in wait, a testament to a controversial policy that has sparked both debate and curiosity. Yet, in a display of unwavering confidence, Mr. Phumtham assures that this auction will be a resounding success. Despite the tenure of the rice in storage, it seems the bidders remain undeterred, their sights firmly set on the prize.
The government is not only eyeing a windfall of approximately 270 million baht from this sale but also looking forward to alleviating the hefty storage costs that currently soar to an impressive 380,000 baht per month. It’s a financial gambit, one that promises not just revenue but also significant savings—an enticing prospect by any measure.
Adding a layer of intrigue are the terms of reference for the auction. The winning bidder will have a stringent timeline of 15 days to seal the deal with the Public Warehouse Organisation (PWO). Failure to sign the contract within this period will pass the baton to the next highest bidder, who will then have the opportunity to step in. However, should this second-chance offer be lower than the initial victorious bid, the original winner must make up the price difference to the PWO—a meticulous safeguard ensuring the integrity of the auction process.
As the clock ticks down to the big day, the air is thick with anticipation. Will these bidders, sharpened by competition and driven by ambition, secure their share of the legacy rice? One thing is certain: next Monday promises to be a day of high-stakes drama, strategic gambits, and, undoubtedly, a few surprises. Stay tuned as we watch this remarkable chapter in rice-pledging history unfold.
Why would anyone want to buy decade-old rice? Seems like a waste of money to me.
Aged rice can actually be better for certain recipes, like in making fried rice. Its lower moisture content makes it perfect for absorbing flavors.
I guess that makes sense, but still, 15,000 tonnes is a lot of old rice. It’s crazy!
Not to mention the historical value and political implications of buying rice from a controversial policy era. It’s a statement as much as a purchase.
Good on the government for finally auctioning this off. It’s long overdue! The storage costs alone are a drain on taxpayers.
Exactly! Why pay storage fees for something just sitting there? Better to sell it and reduce the burden.
I agree with the cost part, but isn’t anyone worried about the quality and safety of this rice after so many years?
From what I understand, it has been stored properly. Plus, bidders wouldn’t be fighting over it if it was totally useless.
Does anyone think this auction is just a way for the government to cover its past policy mistakes?
Absolutely, it’s political face-saving at its finest. They want to turn a fiasco into something profitable.
Right? It’s like they’re trying to make a bad policy look like a good business move now.
Perhaps, but at least they’re being transparent about it now. Could be worse.
Auctioning off such a large quantity at once may flood the market and suppress prices. Short-term gain could lead to longer-term pain for rice farmers.
That’s a valid point! It’s like they’re robbing Peter to pay Paul. Long-term consequences should be considered.
But isn’t the rice market global? This sale might not have a big impact overall.
True, but local economies can still feel the squeeze. It’s a balancing act.
I don’t see the big deal. It’s just rice. Why all the fuss?
It’s about much more than rice, Tommy. It’s a remnant of a controversial policy that many believe impacted the economy and farmers significantly.
I guess, but it still seems like overkill to have such a hype around it.
This auction better be fair and transparent. Last thing we need is another scandal involving government sales.
Totally agree. Bad experiences from the past still haunt us.
I bet this rice will end up being exported despite the local market issues. Always happens.
Exporting might actually be beneficial. There are markets out there that value aged rice.
How are they going to ensure that the bidders follow through on their bids?
There are tight regulations. If a bidder drops out, the next one takes their place, and they have to make up any differences.
This auction seems like a good way to end an era of wastefulness.
Agreed. It’s better to sell it off now than have it rot away in warehouses.
Let’s just hope there are no backroom deals happening here. Trust but verify.
Given the history, skepticism is understandable.
I’d like to see more of these types of auctions. It seems to engage the market well.
It’s exciting to see such keen interest. Hopefully, the rice finds good use and isn’t just a collector’s item.
I think with seven bidders, someone’s certainly going to make practical use of it.
This policy was always controversial. This auction just extends the drama.
True, but it’s also drawing attention to how government policies have long-term impacts.
Do you think this auction will inspire future excess stock management ideas?
It might. The government could see this as a viable way to handle surplus stocks in the future.