Thai Finance Official Tells Telecommunication Duo to Hurry Up, Go Public.

Dec. 4--The country's two state telecommunications agencies should seize the momentum created by the privatisation of PTT Plc and list on the stock market by March, Finance Minister Somkid Jatusripitak said yesterday.

He said the time was right for telecoms privatisation, given an expected improvement in the world economy next year, and the government's intention to amend the much-criticised 25 percent cap on foreign holdings in telecoms companies to 49 percent.

The successful initial public offerings by PTT Plc and Internet Thailand signalled the interest that foreign investors had in Thai state enterprises, he said during a visit to the Telephone Organisation of Thailand head office yesterday.

Both the TOT and the Communications Authority of Thailand were scheduled to list on the Stock Exchange of Thailand in June next year. However, Mr Somkid now wants the process completed three months earlier.

"The TOT and the CAT are major organisations with high business potential," he said, adding that their initial public offerings would likely be welcomed warmly by foreign investors.

"With annual profits of nine billion baht, a good governance award as a guarantee, and 200 billion baht in assets, it will surely attract foreign investors," he said, referring to TOT.

But an analyst warned that the listing might not go smoothly unless there was a resolution to the problem of converting concessions granted by state telecom agencies to private companies.