Thai privatization plans

Thai privatization plans

BANGKOK (AFP): Thailand's communications ministry will submit yesterday plans for the privatization of the state Telephone Organization of Thailand (TOT) to the council of economic ministers, local dailies reported.

Under the plan, a new entity will first be incorporated as a limited company with TOT as a major shareholder, then a 25 percent stake will be offered to an international strategic partner, the reports said.

The next 22 percent of the equity will be offered in private placements before 23 percent is sold to the public and the entity is listed as a public company limited.

The government will hold a 26 percent stake, while 4 percent of shares will be reserved for TOT employees.

Alternatives will be considered for the restructuring of the company around customer bases, service zones or existing operators, the reports said.