CAT's new board queries Hutchison acquisition

13 Jul 2010

Thai newspaper The Nation reports that CAT Telecom’s newly appointed board of directors wants the telco’s management to provide an explanation to justify the THB7 billion (USD215 million) price it agreed in April to buy out joint venture partner Hutchison Telecom in CDMA2000 1x operator Hutchison CAT Wireless Multimedia (HCWM, Hutch). The chairman, Visut Srisupan, said the board had asked the management to submit the reasons for the deal by Friday 16 July. CAT, which has not yet signed the takeover deal with Hong Kong-based Hutchison, submitted the draft purchase contract with the Office of the Attorney General in February for approval, but has not received it back yet. The CAT board has also asked the management to consider if the telco should bid for a 3G 2.1GHz spectrum licence from the National Telecommunications Commission (NTC) in September.

Thailand, CAT Telecom, Hutch (Thailand)