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The Stock of Exchange of Thailand denies Thaicom share manipulation

Boris Sullivan

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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.

This probably Thailand’s latest move to get rid of Thaksin heritage : trying to get back hold on Thaicom, the satellite company once own by Thaksin’s Shin Corp and sold to Temasek Singapore sovereign fund. Prime Minister Abhisit Vejjajiva on Monday said that Thailand’s Ministry of Finance is seeking to buy the Thaicom satellite back from Singapore-based Temasek Holdings, citing national security concerns.

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.

via Thai bourse chief: No sign of Thaicom share manipulation.

Originally called Shinawatra Satellite, Shin Satellite Public Company Limited was founded in 1991 after it was granted a license from Thailand ’s Ministry of Transport and Communications permitting it to launch and operate satellites. It was the first company in Thailand to be allowed to do this, and the first privately-owned satellite company in Asia. His Majesty King Bhumiphol Adulyadej graciously provided a name for satellite series, Thaicom, symbolizing the link between Thailand and modern communications technology.

On 23 January 2006, the Shinawatra family sold their entire stake in Shin Corporation to Temasek Holdings. The Shinawatra and Damapong families netted about 73 billion baht (about US$1.88 billion) tax-free from the sale, using a regulation that made individuals who sell shares on the stock exchange exempt from capital gains tax.The deal made Thaksin the target of accusations of corruption and selling an asset of national importance to a foreign entity.

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