sriracha john Posted January 17, 2006 Share Posted January 17, 2006 The days of easy money in mobile networks are over - it was a growing industry ten years ago with a lot of potential but no more - the market is saturated. Giants, like Orange, burnt their hands when they tried to stick their hands in the cookie jar. Dtac's owners sold their stake a few months ago, now it's Ais' turn. Interesting, isn't it? What's the connection? Cashing out before big economic crash comes, or just before business turns bad. This all seems rather akin to sitting in an airplane seat and then witnessing the pilot (largest shareholder in the SET) walking past me, with a parachute on (stock sell off), headed for the rear emergency exit door. Link to comment Share on other sites More sharing options...
Johpa Posted January 17, 2006 Share Posted January 17, 2006 The most interesting poing in the whole story is what Shinawatras are going to do with their money next. My guess is that the funds will never, ever be seen in Thailand. Most likely we will begin to see a slow migration of family members to other countries. Like many profits earned in Thailand, they always seem to get siphoned elsewhere. There are plenty of investment possibilities: land in Los Angeles, a flat in London, or maybe some property in Vancouver where he can share drinks with Mr. Saxena. Or with higher risk and reward potential, perhaps he will invest in the homeland. Link to comment Share on other sites More sharing options...
Plus Posted January 17, 2006 Share Posted January 17, 2006 There's no word on what Benja..... family are dong with their money after Dtac sell out. That would give some indications. Also Smart pulled out of Cambodia a few months ago. What was that all about? What's going on with Thais getting out of telecoms? In case of Shin - could it be that with AIS they'll unload their Ipstar, too. Did they suddenly realise that it's a white elephant in the sky but haven't told us? Link to comment Share on other sites More sharing options...
LaoPo Posted January 17, 2006 Share Posted January 17, 2006 (edited) The days of easy money in mobile networks are over - it was a growing industry ten years ago with a lot of potential but no more - the market is saturated. Giants, like Orange, burnt their hands when they tried to stick their hands in the cookie jar. Dtac's owners sold their stake a few months ago, now it's Ais' turn. Interesting, isn't it? What's the connection? Cashing out before big economic crash comes, or just before business turns bad. There are still a few BILLION people without a mobile phone; any idea how many mobiles are sold each month in China (1.3 Billion people) or India ?(1 Billion people) and there are a few dozen more countries in the Far East and Africa... The numbers of people buying mobiles are mindboggling in these countries This all seems rather akin to sitting in an airplane seat and then witnessing the pilot (largest shareholder in the SET) walking past me, with a parachute on (stock sell off), headed for the rear emergency exit door. Hmm...these kind of deals are made on a DAILY basis, globally. Nothing new here. If any major shareholder(s) of any company sell his/their shares, there is a company that buys them and still sees a future in that particular company. The shares of SHIN were listed, right?; so everyone could have bougth them and join the parachute with a (small) bag of profit... Millions of shareholders, worldwide, are buying and selling shares on a daily basis; sometimes you loose, sometimes you win. Maybe the TS family is already working on some deals together with some Chinese 'Lords' in Chinese Telecom companies; oil for China perhaps.......who knows? 1 thing I am certain about: he will NOT TELL it here on TV. LaoPo Edited January 17, 2006 by LaoPo Link to comment Share on other sites More sharing options...
sriracha john Posted January 17, 2006 Share Posted January 17, 2006 same as they didn't share info on the baht devaluation? I don't expect him to share ANY of his insider information with ANYone. As PM, he's certainly privy to more information than anyone can comprehend. That's the reason MOST politicians in MOST countries aren't allowed to be tinkering around in the stock market in first place. Complete divesting sell-outs by one individual along the lines of 2 billion dollars worth aren't made daily. Link to comment Share on other sites More sharing options...
Plus Posted January 17, 2006 Share Posted January 17, 2006 It's not your average, daily deal - it's the biggest company owned by the richest family in the country being sold out, to foreigners, after a decade of phenomenal growth. SinTel is going to delist Shin from Thai stock exchange, according to some reports. That, and Beer Chang listing in Singapore will deal a big blow to SET, as if they don't have enough on their hands with Egat and TOT already. If Taksin leaves his management team with AIS (Boonklee), who will help him in building any new business? He is too old to start from the scratch anyway, and his children cannot be relied on either. He is not a global venture capitalist, he's a politician with a huge clout in this country that will be useless if he invests in China, for example. When Sriracha John talked about pilots walking off the plane I thought of AIS first, but what if Taksin is jumping the whole country? Link to comment Share on other sites More sharing options...
thedude Posted January 17, 2006 Share Posted January 17, 2006 (edited) first the thaibev listing, now this. its almost as if the thai people don't want to do business and are giving their economy away in order to stick stupidly to some imagined moral highground. i know big investors like Temasek are really long term thinkers and they don't make rash purchase decisions, a few years from now people are going to say $2 billion was a bargain. not many people may be aware of this, but this purchase is doubly sweet for Temasek because its a back-door play on Air Asia, the Malaysian budget carrier that has been giving the Singapore budget airlines a tough time. with a 51% stake in Air Asia Thailand, temasek has come from behind to put the sqeeze on Air Asia, kind of a "whose your daddy" bearhug maneouver. a beautiful strategic move by temasek executives. its really a telecom deal that has a built-in play on the future budget airline industry in asia. meanwhile in thailand, the Nation talks up another scandal to rouse the masses.... the public and ngo's protest away while the country's assets are bought up by opportunistic foreigners. Edited January 17, 2006 by thedude Link to comment Share on other sites More sharing options...
camerata Posted January 17, 2006 Share Posted January 17, 2006 It's interesting that Thaksin and Thai Rak Thai came to power on a populist platform, lambasting former administrations for putting Thailand into debt with the (foreign-controlled) IMF, and now he sells off some of Thailand's choicest business enterprises to foreigners. Link to comment Share on other sites More sharing options...
Plus Posted January 17, 2006 Share Posted January 17, 2006 I believe Thai Airasia never disclosed its performance figures. It might be just a sink hole with no profits in sight. Link to comment Share on other sites More sharing options...
Jai Dee Posted January 20, 2006 Share Posted January 20, 2006 SHIN CORP AFFIRMS THAT THE COMPANY HAS NOT BEEN REPORTED ABOUT SELLING ITS STAKE TO TEMASEK HOLDINGS Shin Corporation Public Company Limited will hand a letter to the Stock Exchange of Thailand (SET) to clarify about the report regarding the selling of its stakes to Singapore's Temasek Holdings. Shin Corp’s Committee AR-RAK CHOLATHANON (อารักษ์ ชลธาร์นนท์) is drafting a letter to report the current situation of his company to the SET. Following the news reporting that some groups of Shin Corp’s shareholders had sold their stakes to Temasek Holdings, he informed that Shin Corp has still not received any detail of this matter. He added that the company will immediately inform its status, once this news report is confirmed. Source: Thai National News Bureau Public Relations Department - 20 January 2006 Link to comment Share on other sites More sharing options...
george Posted January 20, 2006 Author Share Posted January 20, 2006 HISTORIC TAKEOVER: Temasek boss flies in to seal Shin deal BANGKOK: -- SET to be advised today of Bt2.5-trln buyout by S’pore agency; BOT notes huge capital inflow. The chief executive of Singapore’s Temasek Holdings, Ho Ching, is to appear at a news conference on Monday to announce the takeover of Shin Corp Plc, according to a telecom industry source. Ho made a one-day trip to Thailand yesterday to add a final touch to her organisation’s imminent takeover of the Thai conglomerate. Despite her Monday date with the media, the deal is expected to be notified to the Stock Exchange of Thailand today. A source in Singapore said she had travelled to Bangkok yesterday and returned on the same day. Regarded as one of Asia’s most influential women, Ho is the wife of Singapore Prime Minister Lee Hsien Loong. She is in charge of Temasek, which is the investment agency of the Singapore government. According to Temasek Review 2005, the company commanded an investment portfolio totalling S$103 billion (Bt2.47 trillion) last year, up 15 per cent from the previous year. Temasek plans to acquire 49.6 per cent of Shin Corp’s shares from the Shinawatra and Damapong families, making the Bt76-billion takeover the largest deal in Thai corporate history. Sources said Temasek and Shin Corp have agreed on a final price of about Bt51 per share. Shin Corp has 3 billion outstanding shares. The recent strengthening of the baht against the US dollar has been attributed to the huge amount of foreign capital flowing into Thailand ahead of the takeover transaction, the central bank said yesterday. Bank of Thailand Governor MR Pridiyathorn Devakula said the baht’s appreciation to a nine-month high of Bt39.4 to the dollar was due mainly to the inflow of foreign capital for the purchase of Shin shares. It is for the purchase of Shin shares, he said. “There was a broker [associated with the Shin deal] selling [foreign] currency in the market. I just learned about it today, but I don’t know how much money is involved. I don’t know how many shares they’re going to sell.” Temasek’s buy-out of Shin Corp is part of its investment expansion into Asia. Its wealth increased by S$8.1 billion in the financial year ending March 31, 2005, including S$2.5 billion from direct investments. The latter was driven by the portfolio shift into Asia. Temasek’s investments span from telecom and media to financial services, property, and transportation and logistics. Shin’s businesses include Thailand’s largest cell-phone operator, Advanced Info Service Plc, the satellite operator, Shin Satellite Plc, the free TV station, iTV Plc, the budget airline, Thai AirAsia, and the personal loan provider, Capital OK. Temasek has more than a 60 per cent stake in Singapore Telecom, which owns almost 20 per cent of AIS. The takeover of Shin Corp will make Temasek and SingTel the largest shareholders in AIS, which is the cash cow of Shin Corp. Thaksin has been quoted as telling his executives that his family will sell off Shin Corp as part of an exit strategy to end criticism of him and his family for having conflicts of interest. According to Tisco Research, Shin’s operations are unlikely to change following the takeover. SingTel, a subsidiary of Temasek, has been the Shin Group’s strategic partner for many years, especially in the case of AIS. The cooperation between the two has proven to be very successful and has contributed substantially to Shin becoming Thailand’s largest telecom conglomerate," Tisco said. AIS is Thailand’s leading mobile phone operator, with a market share of nearly 55 per cent. Tisco Research added: “Should Temasek become Shin’s parent we do not envision any major changes to the group’s operations. This would still be the case even if some of the Shin Group’s senior management decide to leave the company as Temasek and Singtel are both highly experienced operators of telecom businesses in their own right.” Temasek will be obliged to tender for 100 per cent of the shares in Shin Corp to complete its takeover. It will have to set aside nearly US$4 billion (Bt157.4 billion) for this. --The Nation 2006-02-20 Link to comment Share on other sites More sharing options...
sriracha john Posted January 20, 2006 Share Posted January 20, 2006 Gotta give it to him, he's one smug MF: Published on January 21, 2006 Ask my children, says PM as he evades questions about Bt76-billion deal. Though his business empire appears set to be sold to Singaporeans in a matter of days, Prime Minister Thaksin Shinawatra yesterday remained elusive about the jumbo deal that should generate enormous economic, financial and political ramifications, not to mention possible legal and constitutional questions. “Ask my kids: I’m not the owner; they are,” Thaksin said. Link to comment Share on other sites More sharing options...
penzman Posted January 20, 2006 Share Posted January 20, 2006 He's a compulsive liar... "Ask my children..." "I drank the holy water.." "Our FTA negociator has not resigned." Feel free to add to the list, I haven't got that much free time... Euh...Yes I do Link to comment Share on other sites More sharing options...
dr_Pat_Pong Posted January 20, 2006 Share Posted January 20, 2006 Gotta give it to him, he's one smug MF:Published on January 21, 2006 Ask my children, says PM as he evades questions about Bt76-billion deal. Though his business empire appears set to be sold to Singaporeans in a matter of days, Prime Minister Thaksin Shinawatra yesterday remained elusive about the jumbo deal that should generate enormous economic, financial and political ramifications, not to mention possible legal and constitutional questions. “Ask my kids: I’m not the owner; they are,” Thaksin said. Link to comment Share on other sites More sharing options...
LaoPo Posted January 20, 2006 Share Posted January 20, 2006 (edited) Gotta give it to him, he's one smug MF: “Ask my kids: I’m not the owner; they are,” Thaksin said. Agree; and what's more: "technically" spoken he's right But, what he tells his children on coming sundaymorning during breakfast is another thing But: maybe the kids tell him: Dad shut up we are in charge LaoPo Edited January 20, 2006 by LaoPo Link to comment Share on other sites More sharing options...
Butterfly Posted January 21, 2006 Share Posted January 21, 2006 The most interesting poing in the whole story is what Shinawatras are going to do with their money next. My guess is that the funds will never, ever be seen in Thailand. Most likely we will begin to see a slow migration of family members to other countries. Like many profits earned in Thailand, they always seem to get siphoned elsewhere. There are plenty of investment possibilities: land in Los Angeles, a flat in London, or maybe some property in Vancouver where he can share drinks with Mr. Saxena. Or with higher risk and reward potential, perhaps he will invest in the homeland. Is Thaksin planning to leave the country ? I find it hard to believe that the selling of his company and the growing opposition pressure for him to resign is not a coincidence. I think a lot is happening behind the scene and he is planning to leave the country when the sh1t hits the fan (his 5 billion baht tax liabilities and new allegations of Tax Evasion) He has no credibility left, even within his own party. He has cornered himself. Link to comment Share on other sites More sharing options...
dr_Pat_Pong Posted January 22, 2006 Share Posted January 22, 2006 The most interesting poing in the whole story is what Shinawatras are going to do with their money next. My guess is that the funds will never, ever be seen in Thailand. Most likely we will begin to see a slow migration of family members to other countries. Like many profits earned in Thailand, they always seem to get siphoned elsewhere. There are plenty of investment possibilities: land in Los Angeles, a flat in London, or maybe some property in Vancouver where he can share drinks with Mr. Saxena. Or with higher risk and reward potential, perhaps he will invest in the homeland. Is Thaksin planning to leave the country ? I find it hard to believe that the selling of his company and the growing opposition pressure for him to resign is not a coincidence. I think a lot is happening behind the scene and he is planning to leave the country when the sh1t hits the fan (his 5 billion baht tax liabilities and new allegations of Tax Evasion) He has no credibility left, even within his own party. He has cornered himself. Ain't that the truth Link to comment Share on other sites More sharing options...
sriracha john Posted January 22, 2006 Share Posted January 22, 2006 MP warns against any special deal Published on January 22, 2006 A senior opposition figure has warned the Bank of Thailand and the Securities and Exchange Commission to stick to the letter of the law in the imminent sale of Shin Corp shares. Fearing there could be a massive capital outflow, Korn Chatikavanij, deputy leader of the Democrat party, said the authorities should not give special treatment to the mega-deal, especially as it would set a bad precedent. The Temasek Group of Singapore is understood to be ready to purchase a huge stake worth more than Bt70 billion from the Shinawatra. If Temasek decides to buy more than 25 per cent of the shares in Shin Corp from the prime minister’s family, it would be required by the SEC to make a tender for the rest of the shares held by all minor shareholders at the same price. “There have been market rumours that the Singapore group doesn’t want to do it that way because the deal would cost much more, up to Bt200 billion for 100-per-cent ownership, not Bt80 billion just for the 40-per-cent-plus holdings to be sold by the premier’s children and relative,” Korn said. “As a result, it wants to split the deal into two parts so as to avoid making the tender. This is wrong.” In addition, Korn said a tender would have to be made for Advanced Info Service plc (AIS) as Shin Corp currently held more than 25 per cent in this subsidiary. The same SEC rules requiring the buyer to make a tender also apply to iTV Plc, another subsidiary of Shin Corp, since it holds more than 50 per cent in the free TV station. On iTV, Korn said he was not sure if the Thai public was ready to allow foreigners to hold a majority stake in a major TV station “In fact, the National Telecom Commission needs to come up with a position to protect the public interest since this TV station was originally set up and intended to be an independent free TV station, so there should be no predominant shareholder group. The public should have the right to buy back some of the shares,” he said. In the event that the Temasek-Singtel/Shin Corp transaction is carried out as a share swap, Korn said the Bank of Thailand would have to grant approval as money would have to be taken out of the country. “The BOT currently does not allow individuals to do that. If it approved the share swap, we would ask why, since other Thais are not permitted to do this,” he said. “In addition, the central bank would have no means to ensure that the money would return to Thailand since the Shinawatra family could just sell its stake in Singapore Telecom the next day. In short, there would be a capital outflow.” Link to comment Share on other sites More sharing options...
Jai Dee Posted January 23, 2006 Share Posted January 23, 2006 SHIN SALE: Two Thai banks to fund deal SEC to be told today of Temasek’s purchase backed by local loans of Bt26 billion. Siam Commercial Bank and Bangkok Bank will each extend Bt13 billion in fresh loans to a subsidiary of Temasek Holdings of Singapore, as part of Bt70-80 billion in cash required to take over Shin Corporation Plc, financial sources said yesterday. Financial sources said Bangkok Bank’s Bt13-billion loan to Cypress Holdings would come in the form of a standby letter of credit guaranteed by Siam Commercial Bank. Altogether the two Thai banks will be lending a combined Bt26 billion as part of a financing package for the largest corporate takeover ever in Thailand. Shin Corp is expected to notify the Stock Exchange of Thailand today, followed by a news conference. Financial sources identified the Siam Commercial Bank as one of the key players behind the Shin deal, providing financial advice and the loan to Cypress Holdings, a subsidiary of Temasek Holdings. Cypress Holdings then will re-lend the money it gets from the Thai banks to Cedar Holdings, which will use the money as part of its Bt70-80 billion takeover of the 49.6 per cent stake in Shin Corp from the Shinawatra and Damapong families. “If Cypress Holdings is a son company of Temasek, you can say that Cedar Holdings is a nephew company of Temasek,” said one financial source. ML Chayothid Kritdakara, managing director of SCB Securities, has been identified as a key adviser for the mega-deal, which will reshape the face of Thailand’s corporate scene. According to Krungthep Turakij’s Saturday edition, there are 10 shareholders in Cedar Holdings, with Siam Commercial Bank holding about 10 per cent, Kularbkaew Co 41.1 per cent and Cypress Holdings 48.99 per cent. Apparently, Temasek’s buying into Shin Corp would breach the foreign ownership limit of 49 per cent, which has prompted it to rely on its subsidiary Cedar Holdings, incorporated in Thailand, to do the buy-out. The shareholders in Cedar are largely nominees for Temasek. Around 49 per cent of total Shin shares are “free floating” and avail?able in the local market, and most of these are expected to be snapped up by the foreign investment group. With the sale of the Shinawatra and Damapong families’ majority stake in Shin Corp to be announced today, critics of Prime Minister Thaksin Shinawatra are sharpening their knives – over a deal they believe would raise more questions about conflicts of interests. Shin will call an urgent meeting of its board at midday before mak?ing a filing to the Stock Exchange of Thailand. A joint press conference with Temasek executives will be held in the afternoon at a location yet to be confirmed, a source at the Thai conglomerate said. The families of Prime Minister Thaksin Shinawatra and his in-laws jointly own a 49.6-per-cent stake in Shin which Temasek is expected to buy at a price of about Bt50 per share, totalling between Bt70-80 billion. Shin Corp has 3,000 million shares outstanding. Temasek will also stage a tender offer for minority shares of Shin and its flagship company, mobile phone operator Advanced Info Service Plc (AIS). The biggest deal in the Thai stock market history has been shrouded in secrecy and controversy, and Thaksin and market authorities have come under fire over the past month for lack of transparency about the imminent transfer of a major Thai asset to foreign hands. Questions about tax and whether the Shinawatra and Damapong families would stack the staggering amount of money earned from the sale overseas are also likely to become a major political issue. Despite suggestions that the Temasek deal was aimed partly at easing criticism of Thaksin over conflict of interests, his opponents insist that the opposite could happen. “Let’s see when the dust settles,” leading social critic Thirayuth Boonmi said during a press conference yesterday when he continued to denounce “massive corruption” among top government politicians and their cronies. “The first key question is where they keep they money [from the sale] and how.” The Campaign for Media Reform warned that the problem of conflicts of interests could become even “more complicated and scarier” with key foreign players involved. In a statement yesterday, the organisation attacked stock market authorities and the PM for failing to protect national interests affected by the mega deal. Meanwhile, the Shin Corp source said a Chinese telecom group had offered the families a better price than Temasek but they finally opted for the Singaporean suitor. He said Temasek would have newly created affiliate, Cedar Holding, to hold the shares it buys from the families and would later try to project that Shin is still a Thai-owned company. While Temasek had Goldman Sachs as its financial adviser in the deal, the families have not hired an adviser but scrutinised the deal themselves, the source added. The source said Pong Sarasin, former chairman of Thai Pure Drinks and Surathip Group, would replace Bannapot Damapong, elder brother of Thaksin’s wife Pojaman, as Shin chairman. There is also expected to be a new chairman at AIS, a post currently held by Paiboon Limpaphayom. The source said Temasek was interested only in AIS and would gradually sell off Shin’s other major businesses, including free-TV operator iTV Plc and budget airline Thai AirAsia. Shin’s also has a satellite service and broadband Internet business. Source: The Nation - January 23, 2006 Link to comment Share on other sites More sharing options...
dr_Pat_Pong Posted January 23, 2006 Share Posted January 23, 2006 SHIN SALE: Two Thai banks to fund dealSEC to be told today of Temasek’s purchase backed by local loans of Bt26 billion. Siam Commercial Bank and Bangkok Bank will each extend Bt13 billion in fresh loans to a subsidiary of Temasek Holdings of Singapore, as part of Bt70-80 billion in cash required to take over Shin Corporation Plc, financial sources said yesterday. Financial sources said Bangkok Bank’s Bt13-billion loan to Cypress Holdings would come in the form of a standby letter of credit guaranteed by Siam Commercial Bank. Altogether the two Thai banks will be lending a combined Bt26 billion as part of a financing package for the largest corporate takeover ever in Thailand. Shin Corp is expected to notify the Stock Exchange of Thailand today, followed by a news conference. Financial sources identified the Siam Commercial Bank as one of the key players behind the Shin deal, providing financial advice and the loan to Cypress Holdings, a subsidiary of Temasek Holdings. Cypress Holdings then will re-lend the money it gets from the Thai banks to Cedar Holdings, which will use the money as part of its Bt70-80 billion takeover of the 49.6 per cent stake in Shin Corp from the Shinawatra and Damapong families. “If Cypress Holdings is a son company of Temasek, you can say that Cedar Holdings is a nephew company of Temasek,” said one financial source. ML Chayothid Kritdakara, managing director of SCB Securities, has been identified as a key adviser for the mega-deal, which will reshape the face of Thailand’s corporate scene. According to Krungthep Turakij’s Saturday edition, there are 10 shareholders in Cedar Holdings, with Siam Commercial Bank holding about 10 per cent, Kularbkaew Co 41.1 per cent and Cypress Holdings 48.99 per cent. Apparently, Temasek’s buying into Shin Corp would breach the foreign ownership limit of 49 per cent, which has prompted it to rely on its subsidiary Cedar Holdings, incorporated in Thailand, to do the buy-out. The shareholders in Cedar are largely nominees for Temasek. Around 49 per cent of total Shin shares are “free floating” and avail?able in the local market, and most of these are expected to be snapped up by the foreign investment group. With the sale of the Shinawatra and Damapong families’ majority stake in Shin Corp to be announced today, critics of Prime Minister Thaksin Shinawatra are sharpening their knives – over a deal they believe would raise more questions about conflicts of interests. Shin will call an urgent meeting of its board at midday before mak?ing a filing to the Stock Exchange of Thailand. A joint press conference with Temasek executives will be held in the afternoon at a location yet to be confirmed, a source at the Thai conglomerate said. The families of Prime Minister Thaksin Shinawatra and his in-laws jointly own a 49.6-per-cent stake in Shin which Temasek is expected to buy at a price of about Bt50 per share, totalling between Bt70-80 billion. Shin Corp has 3,000 million shares outstanding. Temasek will also stage a tender offer for minority shares of Shin and its flagship company, mobile phone operator Advanced Info Service Plc (AIS). The biggest deal in the Thai stock market history has been shrouded in secrecy and controversy, and Thaksin and market authorities have come under fire over the past month for lack of transparency about the imminent transfer of a major Thai asset to foreign hands. Questions about tax and whether the Shinawatra and Damapong families would stack the staggering amount of money earned from the sale overseas are also likely to become a major political issue. Despite suggestions that the Temasek deal was aimed partly at easing criticism of Thaksin over conflict of interests, his opponents insist that the opposite could happen. “Let’s see when the dust settles,” leading social critic Thirayuth Boonmi said during a press conference yesterday when he continued to denounce “massive corruption” among top government politicians and their cronies. “The first key question is where they keep they money [from the sale] and how.” The Campaign for Media Reform warned that the problem of conflicts of interests could become even “more complicated and scarier” with key foreign players involved. In a statement yesterday, the organisation attacked stock market authorities and the PM for failing to protect national interests affected by the mega deal. Meanwhile, the Shin Corp source said a Chinese telecom group had offered the families a better price than Temasek but they finally opted for the Singaporean suitor. He said Temasek would have newly created affiliate, Cedar Holding, to hold the shares it buys from the families and would later try to project that Shin is still a Thai-owned company. While Temasek had Goldman Sachs as its financial adviser in the deal, the families have not hired an adviser but scrutinised the deal themselves, the source added. The source said Pong Sarasin, former chairman of Thai Pure Drinks and Surathip Group, would replace Bannapot Damapong, elder brother of Thaksin’s wife Pojaman, as Shin chairman. There is also expected to be a new chairman at AIS, a post currently held by Paiboon Limpaphayom. The source said Temasek was interested only in AIS and would gradually sell off Shin’s other major businesses, including free-TV operator iTV Plc and budget airline Thai AirAsia. Shin’s also has a satellite service and broadband Internet business. Source: The Nation - January 23, 2006 Stand by to abandon ship. Link to comment Share on other sites More sharing options...
sriracha john Posted January 23, 2006 Share Posted January 23, 2006 GOING..... GOING..... GONE! Shinawatra's clan sells Shin at Bt49.25/share Published on Jan 23 , 2006 The Shinawatra and Damapong families have sold their combined stake of 49.59 per cent in Shin Corp Plc, at the price of Bt49.25 per share, according to an announcement by the Stock Exchange of Thailand. The exchange said there is a big-lot transaction, and it thus halted the trading of Shin and its subsidiaries - Advanced Info Service Plc, CS Loxinfo Plc, ITV Plc and Shin Satellite Plc - until all details involving the deal are unveiled. Shin is to host two press conferences today afternoon, expected to reveal details of the planned takeover of Temasek Holdings for the company's majority stake. "The SET has temporarily halted trading of the companies' securities, effective from 11:37 am of January 23, 2006, until Shin Corporation has clarified or disclosed this material information to the SET." Link to comment Share on other sites More sharing options...
Jai Dee Posted January 23, 2006 Share Posted January 23, 2006 SECRETARY GENERAL OF CAMPAIGN FOR MEDIA REFORM POSED QUESTIONS ON SHIN'S SALE OF SHARES TO SINGAPORE Secretary-general of the Campaign for Media Reform, Supinya Klangarong (สุภิญญา กลางณรงค์) posed questions on Prime Minister Thaksin Shinnawat (ทักษิณ ชินวัตร) on the Shin Corp’s sale of shares to Singapore, saying that it is a late solution to the issue of his conflict of interests. Ms. Supinya said that the sale of shares of Shin Corp to a Singaporean company is a late response to criticisms over the premier’s conflict of interests. She also questioned the long-term impacts of the share sale, saying that she believed the sale is not transparent. In addition, she said that the sale of shares in Shin Corp is a late solution to the allegation concerning the premier’s conflict of interests. She said that the sale can be interpreted as acceptance of the problem. She said that if that is the case, then she would like to ask why Shin Corp filed lawsuits against her and Thai Post. Source: Thaisnews.com ประจำวันจันทร์ที่ 23 มกราคม 2549 Link to comment Share on other sites More sharing options...
Plus Posted January 23, 2006 Share Posted January 23, 2006 From The Nation: "Cedar and Aspen has confirmed to the company that they have no intention to delist the company from the stock exchange during the 12-month period after the end of the tender offer unless the company is unable to maintain its listing status under the regulations required by the SET or the board of directors deems it appropriate to propose to delist the company," Shin said in the statement. What are the chances of delisting the company? Will it be moved to Singapore stock exchange. Cedar and Aspen are just nominees - their promise means nothing. Link to comment Share on other sites More sharing options...
Butterfly Posted January 23, 2006 Share Posted January 23, 2006 (edited) I think we need someone to loop that interview of Thaksin a few weeks ago when he said he went shopping to Singapore and didn't do any deals He seemed so convincing Edited January 23, 2006 by Butterfly Link to comment Share on other sites More sharing options...
sabaijai Posted January 23, 2006 Share Posted January 23, 2006 The most interesting poing in the whole story is what Shinawatras are going to do with their money next. My guess is that the funds will never, ever be seen in Thailand. Most likely we will begin to see a slow migration of family members to other countries. Like many profits earned in Thailand, they always seem to get siphoned elsewhere. There are plenty of investment possibilities: land in Los Angeles, a flat in London, or maybe some property in Vancouver where he can share drinks with Mr. Saxena. Or with higher risk and reward potential, perhaps he will invest in the homeland. Is Thaksin planning to leave the country ? I find it hard to believe that the selling of his company and the growing opposition pressure for him to resign is not a coincidence. I think a lot is happening behind the scene and he is planning to leave the country when the sh1t hits the fan (his 5 billion baht tax liabilities and new allegations of Tax Evasion) He has no credibility left, even within his own party. He has cornered himself. Will he join Carlos Salinas in Ireland? Internal exile, more likely. Link to comment Share on other sites More sharing options...
sriracha john Posted January 23, 2006 Share Posted January 23, 2006 Shinawatra's Sell Off Pintongta Shinawatra, Bhanapot Damapong, Phantongtae Shinawatra, Yingluck Shinawatra and Busaba Damapong had sold their shares in Shin Corp to Temasek Holdings, Shin notified the Stock Exchange of Thailand. In the statement, Shin said the shareholders sold their combined stake of 1.488 billion shares or 49.60 per cent today at the price of Bt49.25 per share, to Cedar Holdings Ltd and Aspen Holdings Ltd. Shin arranged an urgent board meeting in the morning to consider the sale. Under the deal, Cedar and Aspen are obliged to make a tender offer for all securities of the company. =========================== now that she has a billions in cold cash, is she any hotter? How To Find A 20 Year Old Billionaire Babe In Thailand To Marry Link to comment Share on other sites More sharing options...
Jai Dee Posted January 23, 2006 Share Posted January 23, 2006 ICT MINISTRY BELIEVES THAT SHIN CORP'S DISTRIBUTING SHARES WILL SURGE TELECOMMUNICATION COMPETITION IN THE COUNTRY Information and Communication Technology (ICT) Minister SORA-AT KLINPRATOOM (สรอรรถ กลิ่นประทุม) expressed his confidence that the distribution of Shin Cooperation Public Company Limited's shares will intensify the competition between the telecommunication business operators in Thailand. He also stated that the public will receive advantages from this sale of shares. The ICT Minister said that the telecommunication business competition in Thailand is at a high level, and many foreign investors have shown their interest in investing in this business. Previously, foreign investors met with the ICT’s officials to discuss over their investments. They plan to further invest 10 billion baht on this business. Hence, the business will continuously expand. He also referred the benefits of the competition and indicated that it will provide low-priced service to people. Mr. Sora-at said that he will call in his officials to discuss over the government business so that Thai companies will be able to compete in the world market. He also said that concerned units have to understand the management of such business as well. Source: Thaisnews.com ประจำวันจันทร์ที่ 23 มกราคม 2549 Link to comment Share on other sites More sharing options...
penzman Posted January 23, 2006 Share Posted January 23, 2006 I was looking at the 6 o'clock news and ticker tape at the bottom of the screen mentioned that the Shin kids have asked their dad to sell Shin so they could spend more time together. I thought they owned Shin? Link to comment Share on other sites More sharing options...
MyNameIsFarang Posted January 23, 2006 Share Posted January 23, 2006 Sure, he has mishandled a few issues and he might be an egomaniac, but he won the vote. Twice. So did Hitler. Link to comment Share on other sites More sharing options...
dr_Pat_Pong Posted January 23, 2006 Share Posted January 23, 2006 Sure, he has mishandled a few issues and he might be an egomaniac, but he won the vote. Twice. So did Hitler. Link to comment Share on other sites More sharing options...
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