TOT must not float, ever, says minister

2 Aug 2007

Sitthichai Pookaiyaudom, Thailand’s Information and Communications Technology Minister, yesterday ordered incumbent telco TOT to revoke its status as a public company to ‘reflect its true function as a national utility’, and said that it must never list on the stock market. Mr Sitthichai said: ‘My intention is to confirm my decision that I do not want TOT to list on the market. If the next elected government dares to proceed with a listing policy, then do it and be ready to answer questions from society.’ If the next government wanted TOT to become a public company again, the minister added, it would have to go through a parliamentary process. TOT yesterday celebrated its fifth anniversary as a public company.

Colonel Natee Sukolrat, TOT’s deputy president, announced that the telco’s revenue and net profit in the first half of this year both declined in accordance with fixed line trends. First half sales fell 13% year-on-year to THB25.94 billion (USD876 million), whilst net income was down 36.1% at THB2.86 billion. Fixed line revenue dropped 16%, public telephone and international call turnover both slipped by 30%, while ADSL, leased circuit, wireless and multimedia earnings increased.

Thailand, TOT