Thai telecoms giant Shin Corp has officially denied reports that it is to be taken over by Singapore Telecom. Over the weekend local newspapers reported that the Singaporean telco was looking to buy out the 49% stake in Shin Corp held by the family of Thai prime minister Thaksin Shinawatra, as the premier looks to quash repeated criticism of his business interests. But Shin Corp CEO Boonklee Plangsiri yesterday notified the Thai stock exchange that the speculation was unfounded.
Shin Corp’s numerous telecoms ventures include Thailand’s leading cellco Advanced Info Service (AIS) and Advanced Datanetwork Communications (ADC), a joint venture with TOT which has a BTO agreement to provide data communications to business users. It also has stakes in ISP CS Loxinfo, broadband service company Shin Broadband Internet and satellite provider Shin Satellite, which operates under the name Thaicom and has three communications satellites in orbit, including iPSTAR which was launched in August 2005.