No sign of Thaicom share manipulation

BANGKOK, June 16 (TNA) –  The Stock of Exchange of Thailand (SET) is closely monitoring the share movement of communications satellite firm Thaicom Pcl but has not found any irregularities suggesting alleged manipulation its share price, SET president Charamporn Jotikasthira said on Wednesday.

Conceding that the accusation that the government’s plan to buy back the controversial satellite is related to possible share price manipulation has an effect on the firm’s share price, Mr Charamporn said the SET is investigating the issue and will report its results to the Securities and Exchange Commission (SEC).

On Monday, Thaicom share prices increased by 30 per cent and has continued to rise, he added, but declined to comment on the government’s plan to buy back the satellite firm.

Singapore-based Temasek Holdings bought Shin Corp, the family business of now fugitive ex-premier Thaksin Shinawatra in 2006. The telecommunications firm also owns Thaicom Public Company Limited, founded in 1991 with a 30-year build-transfer-operate concession from Thailand’s Ministry of Transport and Communications to operate the country’s first communications satellite. The concession expires in 2021.

Thaicom, is currently valued at US$243 million on the Thai bourse.

Meanwhile, Prime Minister Abhisit Vejjajiva said the Finance Ministry is mulling whether or not to purchase Thaicom but the main concern is national security.

Responding to a suggestion from former information and communication technology (ICT) minister Sithichai Pokaiudom who proposed that the government launch a new satellite instead of buying back Thaicom, Mr Abhisit said that was an option being considered by the finance and ICT ministries.

Any final decision will be based on national interest and value for money as the satellite technology is not only to boost Thailand’s competitiveness but it also has an effect on national security, the prime minister said.

Regarding the opposition Puea Thai Party’s accusation that the government is manipulating Thaicom shares, Mr Abhisit denied the accusation and said he is open to an investigation by the bourse and the Securities and Exchange Commission (SEC). (TNA)