AIS to change hands as Shinawatra family sells Shin stake for USD1.9 billion

23 Jan 2006

The family of Thailand’s prime minister Thaksin Shinawatra has sold its 49.59% stake in Thai conglomerate Shin Corp to Singapore’s Temasek Holdings and a group of Thai investors for THB73.3 billion (USD1.9 billion). Shin Corp owns a 42.9% stake in Thailand’s largest mobile operator Advanced Info Systems (AIS), and Temasek controls Singapore Telecommunications (SingTel), which already owns 21.4% of AIS. The deal is the largest buyout in Thailand’s corporate history. Under law, Temasek’s purchase must be followed by a mandatory offer for the remaining shares in Shin Corp, which is valued at USD3.6 billion.