SEPO targets BMTA, SRT and MCOT in state overhaul

Thailand's State Enterprise Policy Office (SEPO) is preparing a "3+8" overhaul of state enterprises, starting with rehabilitation plans for the Bangkok Mass Transit Authority, State Railway of Thailand and MCOT. A further eight organisations are under structural review, potentially including mergers, subsidiaries or a reduction in state ownership to below 50%.

SEPO Director-General Tibordee Wattanakul said the programme was intended to tackle structural weaknesses, reduce fiscal pressure on the state and bring in greater private-sector participation to improve long-term competitiveness.

Bus, rail and media firms in rehabilitation

The BMTA is moving ahead with a plan to lease 1,520 electric buses, with the first delivery expected in March 2027. The authority expects the new fleet to lower energy and maintenance costs.

It is also working with the Transport Ministry on a revised bus network intended to reduce overlap with urban rail routes. Buses would have a stronger role as feeder services to the rail system, an issue of practical importance for residents and visitors who rely on connections to BTS, MRT and other city rail lines.

The SRT is pursuing seven rehabilitation measures which it proposed itself. These include allowing private operators greater access to railway infrastructure, increasing train frequencies through round-the-clock services, and generating more income through development and management of SRT-owned land.

However, a SEPO subcommittee has sent the plan back to the railway authority for clearer forecasts on revenue, budgets and implementation schedules before it is resubmitted.

MCOT Public Company Limited is taking a different route, seeking to respond to strong competition in media and digital television. It plans to restructure management under a new board and seek specialist partners to help restore its longer-term competitiveness.

Eight more firms under review

SEPO is also studying reforms for eight other state enterprises, using findings that have been under consideration since late 2024. Their names have not been released because proposals must first be approved by the ministries overseeing them.

Three proposals have already received in-principle approval from their supervising ministries. They are expected to go before the State Enterprise Policy Committee, Thailand's central body for state-enterprise policy and development, in late September 2026.

Possible options include mergers, new subsidiaries and reducing the government's shareholding below 50%, giving firms more flexibility in their operations.

Thai Airways cited as the model

Tibordee pointed to Thai Airways International as an example of the potential benefits, while acknowledging that cutting state ownership below 50% can be sensitive and carry broad implications.

The government reduced its stake in Thai Airways in 2020, allowing the airline greater independence in procurement and human-resources management. Tibordee said the company had recovered from a period when its shares were close to worthless to a market capitalisation now exceeding THB120 billion.

The Finance Ministry retains a 38% holding worth about THB50 billion, compared with an investment value of around THB21 billion in 2024, he said. SEPO sees the approach as a way to protect or raise public-asset value while making state businesses more commercially agile.

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9 September 2026

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