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Bangkok Post, Thailand, Insider Column.
Nov. 7--WHAT PRICE TOT SHARES? WHATEVER IT WANTS: Some of you might have raised an eyebrow at a report yesterday, in which a Telephone Organisation of Thailand executive indulged in a little game of "mine is bigger than yours".
Specifically, president Sutham Malila asserted that if the state agency could successfully reorganise and transform itself into something resembling a business, its shares would command a handsome price next year. Why, TOT shares would certainly fetch more than the 35 baht at which shares of PTT Plc would be offered, he said.
How Mr Sutham arrived at his calculation might be a mystery to some, but there is a crystal-clear logic behind it. We have this on good authority from a correspondent who is intimate with the workings of the government's tortuous corporatisation and privatisation process.
If you haven't been hearing many peeps of anti-privatisation protest lately from the TOT union lately -- the word "influential" is part of its official title, we think -- the correspondent's explanation should be quite enlightening: "The Corporatisation Act allows the number shares of the corporatised state enterprises to be set at the cabinet's discretion. In practice, the cabinet will likely follow the recommendations of the so-called Company Establishment Preparation Committees (CEPCs).
"The implication of this is that a CEPC can fix the book value per share of a corporatised state enterprise any which way it likes. There is no procedure prescribed in the Act for this purpose.
"Allow me to give you an example for the sake of clarity. Suppose that a state enterprise to be corporatised has a net book value, that is the accounting value of its assets minus the accounting value of its liabilities, of 100 billion baht. The CEPC can recommend to the cabinet that the corporatised state enterprise should have 10 billion shares. Then, the book value per share will be 10 baht. On the other hand, the CEPC can recommend three billion shares,with the book value per share slightly above 33 baht. The number of shares can be anything.
"There is another issue associated with the corporatised state enterprises' share value: the economic ...
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