SingTel eyeing TOT?

21 Jun 2005

Singapore Telecom (SingTel) is interested in acquiring a stake in Thai state-owned telco TOT Corp, claims the Bangkok Post citing a source at the company. SingTel executives are said to have expressed their interest to their TOT counterparts at the CommunicAsia exhibition in Singapore last week. The privatisation of TOT and its state-owned sister company CAT Telecom has been a long running saga since the adoption of a new, World Trade Organisation-compliant telecoms law in late 2001. In July 2002 the government changed the company’s name to TOT Corporation Public Company Ltd (TOT Corp) in anticipation of a sell-off of part of the operator and flotation on the Stock Exchange of Thailand, but a sale has yet to happen. The major stumbling block to an IPO of either operator is the state’s reluctance to confirm its outlined plans for a merger of both entities. The latest claims from the government are that a 30% stake in TOT will be floated in three parts on the Thai bourse by the end of the year.

Thailand, Singtel Group, TOT