THAI to delay privatization

THAI to delay privatization

BANGKOK (AFP): Thai Airways International (THAI) executives want to delay the privatization slated for next June even though it is a condition of Thailand's IMF bailout, the Bangkok Post reported Saturday.

THAI chairman Mahidol Chantrangkurn was quoted as saying the privatization needed to be delayed because laws stipulating that Thais must own not less than 70 percent of the national carrier had to be amended first.

His remarks contradict a recent statement by the transport minister that THAI would be privatized in June, under a commitment made to the International Monetary Fund (IMF) for Thailand's $17.2 billion bailout package.

THAI president Thamnoon Wanglee said the privatization could be postponed if the local market was not in good shape, adding that recovery was unlikely next year.