CAT Telecom confirms more IPO delays

13 May 2005

Thai state owned operator CAT Telecom has confirmed that its much delayed IPO will now take place in the last quarter of this year. The international services provider has been promising a stake sale since it was corporatised in November 2002. At the start of the year CAT claimed that it would conduct the IPO by July, but it has now put this date back following the sacking of company president Witit Sujjapong last week. Sujjapong was removed over a potential conflict of interests concerning alleged links with a rival VoIP operator; he has been replaced by his former deputy Phisal Jorphochaudom. ‘The departure of Witit has an impact on the company’s IPO plan,’ a spokesman told Business Day, ‘thus, we have decided to slow down the process of going public’.

Thailand, CAT Telecom