Thailand: Thai incumbent moves closer to IPO

4 July 2002 – According to a report by Dow Jones, the Telephone Organization of Thailand (TOT) is planning to register in August as a company with capital of 6 billion baht ($1 = 41.6 baht). This registration will pave the way for TOT’s initial public offering, a government official said Thursday.

TOT intends to offer as much as 30 percent of its registered capital to the public, said Areepong Bhoocha-oom, director-general of the Office of State Enterprise and Government Securities. The IPO, part of Thailand’s privatisation program, is scheduled for the middle of October. Other details of the share offering have yet to be finalized by TOT's financial advisers, he said.

TOT's IPO was scheduled for earlier this year. However, it was put off, along with the IPO of the Communications Authority of Thailand (CAT), because of delays in the implementation of the telecommunications sector's new regulatory framework.

TOT provides domestic telephone services, while CAT provides long-distance telephone services and postal services.