The Thai government may attempt to buy the nation's largest satellite and mobile phone operators, which were sold by investors -- including the family of deposed prime minister Thaksin Shinawatra -- to Singapore's Temasek Holdings Pte.
Officials are studying whether to make an offer for Shin Corp, the holding company sold to Temasek, or some of its assets, Communications Minister Sitthichai Pookaiyaudom said in Bangkok.
The sale last year to Temasek, owned by Singapore's Finance Ministry, angered Thais because the billionaire businessman's family didn't pay tax on the proceeds. Thai military leader General Sondhi Boonyarataklin, who led a September coup that toppled Thaksin, said on Friday that he wants control of 140 billion baht (US$3.9 billion) in assets to remain in the country.
"If we will buy, we also need to think which assets we will buy," Sitthichai said at a media briefing yesterday, adding that his ministry must consider whether Temasek will sell and at what price. "Buying Shin Corp may be expensive, but we will get" Advanced Info Service Pcl, too.
Temasek gained control of Advanced Info, Thailand's biggest mobile phone company, and Shin Satellite Pcl, the country's only satellite operator, when it led a group of investors in acquiring more than 96 percent of Shin Corp between January and March last year.
Shin also controls ITV Pcl, the nation's only television network operator not owned by the government or military, and CS Loxinfo Pcl, an Internet company.
The government is also investigating whether foreigners control a nominee holding company used to acquire Shin Corp, Sitthichai said.
Sondhi said on Friday he wanted Shin's "national assets back, especially the satellites."
Last month he accused Singapore of using Shin Corp's assets for spying, a charge the city-state's government denied.
The communications ministry plans to offer satellite license concessions to other Thai companies and agencies to boost competition, Sitthichai said yesterday.
"This may not help solve the problem, but it will prevent more national assets to fall [sic] into foreign investors' hands," the minister said.
RSS