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Saturday December 31, 2:21 PMForeign firms take control of Thai train operator
The new partners now control more than 50 per cent of BTS, which operates two Skytrain elevated rail routes in central Bangkok, with a minority stake held by Thanayong, the project's founder and developer, the Post Today said. New World and Samsung have "controlled a majority stake in BTS for the past two months," BTS chairman Kasem Chatikavanij was quoted by the Thai newspaper as saying. At a shareholders meeting in January, the new majority owners will propose a plan to cancel Skytrain's debt restructuring worth 39 billion baht (952 million dollars) and reshuffle its board of directors, Kasem said. He said Deutsche Bank had acquired BTS's liability worth 850 million dollars from German creditor KfW, while Siam Commercial Bank has sold BTS's debt to the Asian Development Bank. BTS officials could not be reached for comment on Saturday. Thai Prime Minister Thaksin Shinawatra invited foreign investors earlier this month to bid on 41 billion dollars of public works projects, including a plan to build 10 new rail lines in Bangkok. Bangkok's existing mass transit system has three lines -- two above ground, and one underground -- totalling 75 kilometres (45 miles) of tracks. Together they carry almost 500,000 passengers each day. |
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