Shin/temasek/singapur

[lung]

Shin Corp becomes 'a S'pore state firm'

Shin Corporation has technically become a state enterprise of Singapore following Temasek Holdings's buy-out of the Thai telecom conglomerate formerly owned by the Shinawatra family.

A very well-informed source, who is following this Deal of the Century closely, said the Thai public had yet to digest the full implications of Temasek's Bt73.3-billion takeover of Shin Corp, although many of them were feeling uneasy about Singapore's control of several Thai concessions, from mobile phones to satellites to television.

"Since Temasek is 100 per cent owned by the government of Singapore, you can say that Shin Corp has become a state enterprise of Singapore," he said. "The deal will prove to have far-reaching implications for Thai-Singapore relations."

There has been growing nervousness in Thailand over Singapore's big-bang arrival with the takeover of Shin Corp. Last week a group of civic, labour and democracy activists, led by Dr Weng Tochirakarn, rallied in front of Singapore's embassy in Bangkok to demand that Temasek nullify its Shin Corp deal.

The group said Temasek's control of Singapore amounted to an attempt to dominate Thailand's economy and sovereignty because Shin Corp's affiliates operated satellites, a mobile-phone network, a low-cost airline, a high-speed Internet service and TV stations.

"We ask that the deal be scrapped in order to maintain the good relations between the two countries," the group added.

Established in 1974, Temasek is an investment agency of Singapore, an outgrowth from its status as a super-holding company of Singa-pore's state enterprises. The Thaksin government once raised the idea of setting up a super-holding company in the same style as Temasek, but this move never materialised.

The proceeds from Singapore's privatisation of the state enterprises will go to the national budget and also to Temasek. Over time, Temasek has grown in size and in investment scope.

The Government of Singapore Investment Corporation (GSIC) was set up with seed capital from the international reserves of the Monetary Authority of Singapore. Singapore's current-account surplus made it possible to establish the GSIC.

According to Temasek's official website, today Temasek manages a diversified global portfolio of 103 billion Singapore dollars (Bt2.5 trillion), principally in Singapore, the rest of Asia and the OECD economies. Its investments are in various industries: telecommunications and media, financial services, property, transportation and logistics, energy and resources, infrastructure, engineering and technology, as well as pharmaceuticals and bio-sciences.

Its total shareholders' return since inception is 18 per cent compounded annually. It has corporate credit ratings of AAA by Standard & Poor's and Aaa by Moody's.

The most controversial aspect of Temasek's takeover of Shin Corp is that at one fell swoop it has mustered control over key concessions in Thailand, arousing fears of Singaporean domination.

The second aspect of the takeover is that Prime Minister Thaksin Shinawatra himself has been seen as selling the national assets to Singapore, the source said. This is the underlying reason why his popularity has been sinking sharply since the announcement of the deal on January 23.

The anti-Thaksin coalition has broadened to include academics, students and other activist and democracy groups, and they have demanded his resignation because his sale of Shin Corp looks as if he has put his family's business interests above those of the country. Thaksin has finally caved in by announcing a House dissolution.

The Shin Corp deal is still hanging in the balance, although the transaction has been completed. People in the capital market say the takeover comes with a "put option" attached, which means that if something goes wrong, like A mass protest in front of the Singaporean Embassy or destruction of Shin products and services, the two parties can cancel the deal altogether.

"The legal term is 'condition consequence'. In case the deal does not work out, the buyer can scrap the deal and get the money back," one lawyer said.

Thanong Khanthong

The Nation

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.................... comes with a "put option" attached, which means that if something goes wrong, like A mass protest in front of the Singaporean Embassy or destruction of Shin products and services, the two parties can cancel the deal altogether.....................................

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? ? ?

u have some connection's...

[Sing_Sling]

Possibly a higher degree of professionalism will enter the Thai market now and hopefully corruption, ever so endemic in Thailand and virtually unheard of in Singapore, will be battled.

The Thaksin government once raised the idea of setting up a super-holding company in the same style as Temasek, but this move never materialised.

So many things have been proposed, touted, planned etc . . . but it never happens, it just drowns in corruption and lack of willpower.

Kind of funny that the big Thailand is so worried about being dominated by a company owned by a givernemtn that governs just over 3 million Singaporeans.

[bkkexplorer]

Possibly a higher degree of professionalism will enter the Thai market now

lets hope this happens..

[Plus]

If the anti-Singaporean sentiment grows, will they be able to cut off satellite signals? Control ITV content? Shut down AIS network? Evesdrop on anyone using it - business leaders, politicians, journalists? Would they hurry to upgrade AIS network if it helped Thailand in competitive industries like MICE or "regional headquarters"? Will they always keep Thailand a notch or two down so as to stay on top? Same services at Changi and Suvarnabhumi for example?

[Sing_Sling]

If the anti-Singaporean sentiment grows, will they be able to cut off satellite signals? Control ITV content? Shut down AIS network? Evesdrop on anyone using it - business leaders, politicians, journalists? Would they hurry to upgrade AIS network if it helped Thailand in competitive industries like MICE or "regional headquarters"? Will they always keep Thailand a notch or two down so as to stay on top? Same services at Changi and Suvarnabhumi for example?

That's quite a machiavellian view of the world, Plus Now, why would the government want to spend a fortune just to try to lose it. What would be the advantage be in keeping profits from one area down? A area that has nothing to do and no competition to Singapore?

The airport? They both have their uses (if Suvarnbhumi ever opens - and not just for one face-saving flight for the PM) and Bangkok will not be able to compete with Singapore on the business front for a very long time.

Just yesterday the Financial Express wrote:

Corruption declines in Asia

REUTERS

Posted online: Monday, February 27, 2006 at 1719 hours IST

HONG KONG , FEBRUARY 27: Corruption in most Asian countries is not as bad as a year ago, with the notable exception of Thailand, a survey showed on Monday.

"Thailand's case is special. Accusations of high-level corruption have been intensifying in recent months -- to the point where they could affect political stability," said Political and Economic Risk Consultancy (PERC), a Hong Kong-based think tank, which conducted the annual survey.

It's good to be paranoid, but if you let that get in the way of progressive thinking then one certainly will never evolve. Oh, the report goes on:

Singapore was ranked the least corrupt place to do business in Asia,

I guess one could have a worse partner.

(OH, and here's a thought - - - Singapore is run by Chinese and business is far more important than pure power)

[TopChinese]

If the anti-Singaporean sentiment grows, will they be able to cut off satellite signals? Control ITV content? Shut down AIS network? Evesdrop on anyone using it - business leaders, politicians, journalists? Would they hurry to upgrade AIS network if it helped Thailand in competitive industries like MICE or "regional headquarters"? Will they always keep Thailand a notch or two down so as to stay on top? Same services at Changi and Suvarnabhumi for example?

Oh please.. that doesn't even happen in Temasak's home base in Singapore. To tackle political dissent, all the establishment have to do in Singapore is to issue the biggest round of "election year" hand outs and incur the largest deficit in Singapore's history..

[Sing_Sling]

If the anti-Singaporean sentiment grows, will they be able to cut off satellite signals? Control ITV content? Shut down AIS network? Evesdrop on anyone using it - business leaders, politicians, journalists? Would they hurry to upgrade AIS network if it helped Thailand in competitive industries like MICE or "regional headquarters"? Will they always keep Thailand a notch or two down so as to stay on top? Same services at Changi and Suvarnabhumi for example?

Oh please.. that doesn't even happen in Temasak's home base in Singapore. To tackle political dissent, all the establishment have to do in Singapore is to issue the biggest round of "election year" hand outs and incur the largest deficit in Singapore's history..

It will be a cold day in hel_l before the PAP has to resort to overt bribes. As for chenging the surplus into a deficit - that's about the only time Singaporeans would man the barricades.

[Plus]

Hmm, I don't understand what has it got to do with Singapore domestic politics.

Singapore is not Thailand's partner, it's a competitor, at least in some industries. Domination of your competitor's communications is an advantage. Should the situation worsen in Thai-Singapore relations - who's got the plug on Thai satellites, certainly not Thais anymore?

Ais network is ablsolutely essential to Thailand's communications - it's the matter of national security, not just business. What happens if Thai military or political, or even business leaders get no signal and become unreachable at crucial times?

Last, but not the least - Thai Airasia - direct competitor to Singaporean budget airlines and a backdoor to Tony Fernandes' airempire.

And oh, I almost forgot, the Shin Corp and Ais dividends have to be paid to Singapore from now on. How many Thais want to pay their phone bills to Singapore's "fat cats"?

Maybe Thailand will get a fair deal in the end, but while at the moment no one knows for sure what will happen, the Shin is gone already. The train has sailed.

[thedude]

i think people are reading too much into this, and some people are using this to raise nationalist issues in their campaign against the PM.

singapore has been a close friend of thailand for a long time. it is a small country of 3 million people surrounded by muslim states with over 200 million people. its only way of ensuring long term survival is to own a little piece of key industries around the world so that it will not be in anyone's interest to see them being wiped out. it really comes down to that.

this is not the first time temasek has bought so-called sensitive infrastructure. a few years ago, it bought (via Singtel) Australia's second largest telco operator Optus. there was some concern over security because of the sattellites operated by Optus, but Singtel clarified and undertook that the management of those assets remain without interference and all employees are security cleared.

not many people know this, but during the tech correction, temasek bought (via ST Telemedia) an American company called Global Crossing, which owns the worlds largest network of undersea fibre optic cables. that's right, this means they now own the very trunk routes which most of the world's broadband is transmitted on.

the original takeover bid was submitted jointly with Hong Kong's Hutchison Whampoa, but the US Congress objected to Huthchison's participation due to concerns over security (it is a Chinese company), so Hutchison withdrew and the US government allowed temasek to purchase Global Crossing alone. in this instance, temasek also agreed to not interfere with the actual management of the company.

it is there purely as a shareholder.

in the shin deal, temasek has said that it will not be interested in the satellite and broadcast businesses, and will not be making a general offer for those shares. but protesters keep pegging them to those assets so that they can hold on to the claim that national security has been compromised by thaksin selling out to another country. i believe this is also the reason why temasek has not held a separate press release, they have already said what they needed to with regard to those assets.

[lung]

UPDATE 7.3.2006

SHIN CORP SALE

PAD tells Singapore to exit deal or face boycott

PAD rallies outside embassy; letter to city-state's PM warns Temasek to nullify pact by tomorrow

Members of the People's Alliance for Democracy rallied in front of the Singaporean Embassy in Bangkok yesterday, demanding that Temasek Holdings pull out of the Shin Corp takeover deal or face a boycott of all Shin products and services.

Holding banners that read "Temasek, Get Out!" and "Thai-land's Not For Sale", about 50 activists shouted "Temasek, Get Out!" during the 20-minute pro-test in the early afternoon.

A senior embassy official came out to receive the group's protest letter.

The letter, addressed to Singa-pore Prime Minister Lee Hsien Loong, called on Temasek to nullify the Shin deal by tomorrow.

If it failed to do this, the group would conclude that Singapore was interfering in Thailand's national security, the letter said.

Apart from controlling a mobile phone business, Shin Corp also has majority stakes in Shin Satellite, Thai AirAsia, iTV and CS Loxinfo.

"Many Thai citizens are closely scrutinising the prime minister's [Thaksin] actions for evidence that he violated the Thai Constitu-tion and many other laws and abused his power to benefit his family's multibillion-baht businesses," the letter said.

"The People's Alliance for Democracy will use every means to stop this purchase, starting with a boycott of every business owned by Shin Corp," it added.

On January 23, Temasek's subsidiaries, Cedar Holdings and Aspen Holdings, bought a 49 per cent stake in Shin Corp for Bt73.3 billion from the Shinawatra and Damapong families.

The two firms are making a public tender for 100 per cent of Shin's shares, offering Bt49.25 a share, as part of the takeover deal.

Tomorrow will be the last day of the tender offer and the deadline for Temasek to alter the terms of its public tender if it concludes there are incidents that could significantly damage the status and assets of Shin Corp.

Thaksin's popularity has sunk into uncharted territory following his family's sale of its stake in Shin.

Many members of the public now believe he has been running the country to advance the interests of his family.

Thaksin has also been accused of selling national assets to Singapore because Shin Corp holds government concessions. The Singaporean government controls Temasek.

Facing growing calls for him to resign, Thaksin dissolved Parliament and called a snap election for April 2.

The alliance has identified the products and services of several Shin Corp subsidiaries as potential targets for a boycott. They include mobile-phone service provider Advanced Info Service, Thai AirAsia, Shin Satellite, Internet provider CS LoxInfo, iTV and consumer finance provider Capital OK.

The protesters said they would return to the Singaporean Embassy tomorrow to receive an official response to their letter from the Singaporean government.

"We will return to the embassy on March 9 to hear the response to our appeal," alliance leader Somsak Kosaisuk said. If there is no response the boycott will begin, Somsak said.

Anti-Singapore sentiment has been rising since the takeover of Shin Corp on January 23. Several groups rallied in front of the Singaporean Embassy early last month to demand that Temasek nullify the deal.

A group of about 30 student activists protested in front of the Singaporean Embassy later yesterday afternoon. They waved Thai flags and banners and called for the Singaporean government to cancel the deal. The group also submitted a letter similar to the one from the alliance.

Senior embassy official Michael Chua said the letters would be forwarded to the Singapore government.

Rossana Kosittrakul - a key member of the alliance - labelled Thaksin a traitor over the sale that saw his family receive Bt73.3 billion tax-free.

"Singapore is Thailand's fierce economic rival," she said. "Selling assets related to national security to Singapore is an act of betrayal."

The protest represented the voice of Thai people who will not accept Singapore's takeover of Thai businesses, she added.

Suriyasai Katasila, another key member of the alliance, said the grouping would adopt a new strategy to pressure Thaksin to resign.

Instead of concentrating the masses at Sanam Luang, it will divide demonstrators into several sub-groups so that they could rally at several places, such as Thai Rak Thai Party's headquarters, the Stock Exchange of Thailand and the Singaporean Embassy.

Metropolitan Police Commissioner Maj-General Viroj Chantharangsi said he had ordered the police intelligence unit to monitor the alliance's planned rally at the Singaporean Embassy tomorrow.

"The police are ready and well-prepared for any situations that will happen on the day," he said.

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source - the nation 7.3.2006

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[lung]

-----------------

OVERDRIVE

Shin Corp sale involved a who's who of Thailand, S'pore

Temasek Holdings, the Singapore investment agency, probably never had second thoughts about the Shin Corp takeover. It believed it had the deal, or so it seemed.

The deal involved the biggest political and business names in Thailand and Singapore. The buyer of Shin Corp was Ho Ching, the chief executive of Temasek Holdings. She is also the wife of Lee Hsien Loong, the prime minister of Singapore. The seller was Prime Minister Thaksin Shinawatra of Thailand. His family owned 49 per cent of Shin Corp.

Ho Ching presides over Temasek's investment portfolio of US$103 billion. Thaksin was serving Thailand as prime minister for a second term. Relations between Thailand and Singapore had been rather good, particularly with the Singapore-Thailand Enhanced Economic Relationship, although there may be a bit of rivalry between Thaksin and Lee over who has the higher profile in the region.

Temasek controls about 63 per cent of Singapore Telecommunication. SingTel, in turn, holds about 20 per cent of Advanced Info Service. AIS, which has a mobile-phone subscriber base of 19 million people, is the cash cow of Shin Corp. With the small local market of only 4 million people in Singapore, SingTel needed to look elsewhere to expand its business, such as Thailand and Australia.

It had long been looking to increase its stake in AIS or form a new partnership with TOT Plc after the state telecom enterprise's privatisation. The chairman of SingTel is Chumpol Na Lamlieng, the former president of Siam Cement Group. Chumpol is the only foreigner to serve as chairman of a large Singapore government-owned company.

Temasek brought in the US investment banking firm Goldman Sachs to advise it on the Bt150-billion takeover of Shin Corp. Goldman Sachs had earlier advised Telenor of Norway on its takeover of United Communication Industry, which operates the DTAC mobile network here.

In Thailand, Temasek got in touch with Peter Seah Lim Huat, a director of Siam Commercial Bank. Seah is a representative of the Development Bank of Singapore, one of SCB's biggest shareholders. Temasek in turn is a major shareholder of DBS. Seah approached Vichit Suraphongchai, the executive chairman of SCB, to take part in the deal. The major shareholder in SCB is CPB Capital Co, an investment arm of the Crown Property Bureau. Yos Euarchukiart heads CPB Capital.

Under the deal, Temasek would pay Bt73.3 billion to the Shinawatra and Damapong families for their 49 per cent of Shin Corp. Temasek would not use all of its own cash. It would borrow about Bt30 billion from the Thai market to finance the takeover. Chartsiri Sophonpanich of Bangkok Bank was also interested in getting a piece of the deal.

In the end, SCB would pitch in Bt15 billion in the form of a loan to Temasek, with a guarantee from the Development Bank of Singapore. Bangkok Bank would put up the other Bt15 billion. Lending to Temasek was considered risk free because its credit rating was higher than Thai sovereign debt. Temasek would bring in Bt43 billion to complete the deal with the Shinawatra and Damapong families.

Then Temasek would have to set aside another Bt79 billion to tender for the remaining 51 per cent of Shin Corp as part of the compulsory 100 per cent tender offer.

SCB Securities was also brought in to act as local financial advisor for Temasek. ML Chayothid Kridakarn played a key role in putting the deal together and ensuring that it conformed with Thai regulations. For its efforts, SCB Securities pocketed about Bt800 million from the advisory deal.

Temasek set up Cedar Holdings and Aspen Holdings in Thailand to help it acquire Shin Corp. Pong Sarasin, a former deputy premier and a noted businessman, and Suphadej Poonpipat were invited to join the deal so that it would not look like an entirely Singaporean deal. They would be shareholders of Kularb Kaew, which holds almost 41 per cent of Cedar Holdings. SCB would also hold 10 per cent of Cedar Holdings.

Suvarn Valaisathien was also brought in to advise the Shinawatra and Damapong families on the legal aspect of the transactions. Suvarn was one of the lawyers who helped Thaksin to defend himself against asset-concealment charges before the Constitution Court in 2001.

With this who's who of Thailand's business world involved, it is easy to understand why Temasek was certain about the Shin Corp takeover. Thaksin, for his part, hoped that selling off Shin Corp would end the criticism about his conflicts of interest.

But the deal struck on January 23 immediately created an uproar. Thaksin was accused of selling national assets to Singapore because Shin Corp, through its affiliates, controls a mobile phone concession, a satellite concession, a TV concession and aviation rights. To make matters worse, his family paid no tax on the deal.

His popularity sank fast, forcing him to dissolve Parliament and call a snap election for April 2. Rallies are underway to oust Thaksin and also to block the Shin Corp deal.

One of my friends, who is an investment analyst in Singapore, has expressed concern about the threat by activists attached to the People's Alliance for Democracy, which is rallying fiercely for the unconditional resignation of Thaksin, to boycott Shin Corp products.

My Singapore friend said: "The boycott of Shin products is worrying. I can't speak for Temasek, of course, but my strong feeling is that they will stay the course. They cannot be seen to be giving in so easily the minute there is some problem with a deal. I think their investment was based on a very positive long-term view of Thailand's economy going forward and they will probably be prepared to take the short-term pain.

"I would be very surprised if Temasek found other buyers and unwound the deal completely.

"I am also worried about the impact this might have on bilateral relations going forward. There is bound to be some bad taste left after the current turbulence settles down. Nevertheless, the two countries are drawn together by very fundamental common interests - we are natural allies in Asean, both committed to open economic policies and keen to see more economic integration. Both countries worry about terrorism and are allies in that fight. And so on. This natural friendliness and trust is seen in how SingTel wanted Khun Chumpol to be its chairman - the only foreigner to be chairman of a very large government-owned company. I hope that bilateral relations will withstand this unpleasant period."

Keep a close watch now on how the Shin Corp deal proceeds. It will be far from smooth.

---------------------------

source :

Thanong Khanthong - the nation 9.3.2006

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[lung]

-------------------

DEMOCRATS' NEW CLAIM

Win Mark 'PM's own trust fund'

Firm may have been used to hide baht devaluation gains, facilitate deals: Korn

The Democrats suspect that Win Mark Co Ltd could have been Prime Minister Thaksin Shinawatra's personal trust fund, set up to take and hide profits from the 1997 baht devaluation as well as facilitate the family's share transactions.

Only the Anti-Money Laundering Office (AMLO) could trace the money trail that involved Win Mark, Thaksin's daughter Pinthongta, and other funds in order to prove this accusation, Democrat Party deputy leader Korn Chatikavanij said at a press conference yesterday.

Korn remarked that while Thaksin admitted his ownership of Ample Rich Co Ltd, he had denied any close connection to Win Mark. This is despite his sale of shares in his five property arms - including OAI Property, which is now SC Asset Corp - to Win Mark.

Both Ample Rich and Win Mark share the same address - PO Box 3151, Road Town, Tortola, British Virgin Islands - and have conducted similar transactions. In January 2006, Ample Rich sold Shin Corp shares to two of Thaksin's children - Panthongtae and Pinthongta - while in October 2004, Win Mark sold shares in four Thai property companies to Pinthongta.

Korn based his allegation on a speech last month by Snoh Thienthong, a senior member of the Thai Rak Thai Party, in which he said that during the 1997 baht crisis, Thaksin had nominated one of his men to take care of the devaluation. "Thaksin met then-prime minister General Chavalit Yongchaiyudh to nominate Thanong [bidaya], who resigned after the devaluation."

In the statement issued to the press yesterday, the Democrats said Win Mark could have been hiding profits from speculation on the baht. "In 2000, Thaksin said he did not know of the company, but the company shared the same address as Thaksin's Ample Rich. Moreover, Win Mark invested in such a way that the potential gains went to the Shinawatra family. Nobody in investment circles could in any way believe that any fund would be glad to do such a thing."

In 2000, Thaksin said he had sold to Win Mark shares in three property companies - OAI Property, PT Corp and SCK Asset - for a combined Bt906 million.

However, the Democrats have found that Win Mark also held shares in two other companies - SC Office Park Co Ltd and Worth Supplies Co Ltd. Total investment in the five firms was Bt1.5 billion.

Korn also remarked that the transaction had coincidentally occurred after the baht's flotation.

In his 2000 statement, Thaksin said Win Mark had bought the shares on expectation of reaping profits when the firms were listed.

However, the Democrats said Win Mark had sold shares in OAI Property to Value Asset Fund Ltd Malaysia (VAF) in 2003, and, three weeks later, VAF had sold the shares to Overseas Globe Fund (OGF) and Offshore Dynamic Fund Inc (ODF).

"What's weird is that the three funds share the same address - L1, Lot7, Blk F, Saguking Commercial Building, Lalan Patau, 8700 Labuan Ft, Malaysia. Moreover, why did Win Mark, which owned the shares for three years, sell the shares of OAI Property when the latter was about to seek a listing?" Korn added.

Additionally, in 2003, VAF transferred the right to buy 70 million new shares of OAI at their Bt10 par value to Thaksin's daughters, Pinthongta and Paethongtarn. Based on the initial public offering price of Bt15 per share, the two children automatically netted Bt355 million in profits.

The Democrats also pointed out that despite the transaction with VAF, Win Mark maintained ownership in the other four companies for another year, although none of them could seek a market listing.

"Khun Thaksin said in 2000 that the share sale was not meant for money laundering because his money is clean. The Democrats would like to ask Khun Thaksin if he is ready to allow AMLO to investigate the money trail that involves Win Mark, VAF, OGF, ODF, SC Asset and Pinthongta," Korn said.

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Siriporn Chanjindamanee

The Nation 9.3.2006

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[Sing_Sling]

Lung, do you actually have a point of view on this subject or do your comments stretch to the old cut and paste of long articles.

What's your point? What are you trying to say? Do you have a point to make? Do you have an opinion aside from a smilie, if that can be seen as a point?

[lung]

Lung, do you actually have a point of view on this subject or do your comments stretch to the old cut and paste of long articles.

What's your point? What are you trying to say? Do you have a point to make? Do you have an opinion aside from a smilie, if that can be seen as a point?

-------------------

i can not find a actual tread on the SHIN-deal.

or i put this in "teach in los" forum or so ??

i think when i start a tread > i have to look how the story goes on or not.

maybe i only boring > so i post all day in foren

today i find only > the son of thaksin fined 6 mill baht < , but i think someone

start on this a new tread in the news ,then i better not put this here

and for the CUT AND PASTE have enough "moderators" here

when you "search" on SHIN here > you will find 5 "about"- post and 7 "opinion"-post's

wich one you want to read??

is my "point" now correct?

Edited March 10, 2006 by lung

[Plus]

Thedude, the main difference between those Temasek cases you mentioned and Thailand is that people here knew about the deal only after it was completed. Take Airasia for example - no one thought what would happen with its shareholding and its license. Now we have dummy companies to keep the illusion that it's stil ThaiAirasia.

It's true that Temasek might not be intersted in ITV and Ipstar, but more than a month has gone and they didn't clarify the matter - what exactly are they going to do with those sensitive companies.

All those issues had to be clarified BEFORE the sale, not after. That's patriotism according to Taksin. He's got his money and le the country sort out the mess.

[1Lucky]

Am I misreading this - weren't rumours of the deal all over the newspapers in the weeks leading up to the actual sale??

At a more general level on this area - what is the thinking behind the Singaporean products boycott? Hopefully not just zenophobia?

[Sing_Sling]

Pure Xenophobia

[skippybangkok]

Possibly a higher degree of professionalism will enter the Thai market now and hopefully corruption, ever so endemic in Thailand and virtually unheard of in Singapore, will be battled.

The Thaksin government once raised the idea of setting up a super-holding company in the same style as Temasek, but this move never materialised.

So many things have been proposed, touted, planned etc . . . but it never happens, it just drowns in corruption and lack of willpower.

Kind of funny that the big Thailand is so worried about being dominated by a company owned by a givernemtn that governs just over 3 million Singaporeans.

Pretty arrogant, but what else would u exepect from a Chingaporean...........

[Sing_Sling]

Possibly a higher degree of professionalism will enter the Thai market now and hopefully corruption, ever so endemic in Thailand and virtually unheard of in Singapore, will be battled.

The Thaksin government once raised the idea of setting up a super-holding company in the same style as Temasek, but this move never materialised.

So many things have been proposed, touted, planned etc . . . but it never happens, it just drowns in corruption and lack of willpower.

Kind of funny that the big Thailand is so worried about being dominated by a company owned by a givernemtn that governs just over 3 million Singaporeans.

Pretty arrogant, but what else would u exepect from a Chingaporean...........

If you had your brains in your head instead of up your arse you'd know I am neither.

[Heng]

the original takeover bid was submitted jointly with Hong Kong's Hutchison Whampoa, but the US Congress objected to Huthchison's participation due to concerns over security (it is a Chinese company), so Hutchison withdrew and the US government allowed temasek to purchase Global Crossing alone. in this instance, temasek also agreed to not interfere with the actual management of the company.

it is there purely as a shareholder.

Lolz. The only difference then is instead of roasted ribs and rice (HK) they got chicken and rice (Singapore).

[Sing_Sling]

the original takeover bid was submitted jointly with Hong Kong's Hutchison Whampoa, but the US Congress objected to Huthchison's participation due to concerns over security (it is a Chinese company), so Hutchison withdrew and the US government allowed temasek to purchase Global Crossing alone. in this instance, temasek also agreed to not interfere with the actual management of the company.

it is there purely as a shareholder.

Lolz. The only difference then is instead of roasted ribs and rice (HK) they got chicken and rice (Singapore).

It's called chicken rice . . . sheesh!

[Sing_Sling]

Possibly a higher degree of professionalism will enter the Thai market now and hopefully corruption, ever so endemic in Thailand and virtually unheard of in Singapore, will be battled.

The Thaksin government once raised the idea of setting up a super-holding company in the same style as Temasek, but this move never materialised.

So many things have been proposed, touted, planned etc . . . but it never happens, it just drowns in corruption and lack of willpower.

Kind of funny that the big Thailand is so worried about being dominated by a company owned by a givernemtn that governs just over 3 million Singaporeans.

Pretty arrogant, but what else would u exepect from a Chingaporean...........

Oh yes, skippybkk - not only do you show complete idiocy in your post but also show that you are a racist - and therefore a total prat.

(Did you know, by the way, that 40% of the population is not ethnic Chinese, or are you really that dense?)

[Plus]

Am I misreading this - weren't rumours of the deal all over the newspapers in the weeks leading up to the actual sale??

What rumors? The ones vehemently denied by Shin execs? The only people who knew the details were the ones working on the deal.

There was never any approval process, like the one about selling US port management rights to Dubai company, prior to concluding the deal.

I don't know for sure, but I won't be surprised if once Taksin is gone someone will discover a clause in some laws that requires the deal of this magnitude to be screened and approved by some government agency first.

[britainmal]

Hmm, I don't understand what has it got to do with Singapore domestic politics.

Singapore is not Thailand's partner, it's a competitor, at least in some industries. Domination of your competitor's communications is an advantage. Should the situation worsen in Thai-Singapore relations - who's got the plug on Thai satellites, certainly not Thais anymore?

More stupid remarks from Mr. minus(plus) Singapore has no say in operation of the company because it has only 49 percent so, the 51 percent of Thais can overrun any Singapore decision.

Ais network is ablsolutely essential to Thailand's communications - it's the matter of national security, not just business. What happens if Thai military or political, or even business leaders get no signal and become unreachable at crucial times? The Thai gov't does not need to depend on AIS for miltary security or information, in fact they have there own system. That is why AIS is not a state-owned entity.

Last, but not the least - Thai Airasia - direct competitor to Singaporean budget airlines and a backdoor to Tony Fernandes' airempire. Singapore is not a majority owner in the Company and Tiger Airlines is not part of Temask.

And oh, I almost forgot, the Shin Corp and Ais dividends have to be paid to Singapore from now on. How many Thais want to pay their phone bills to Singapore's "fat cats"? They are part of the company They deserve it. The fat cats that run the company are the Thais not the Singaporeans because the own the majority of the shares still. Stop putting poltics into business they just don't mix.

Maybe Thailand will get a fair deal in the end, but while at the moment no one knows for sure what will happen, the Shin is gone already. The train has sailed. Thailand already did get a fair deal. Majority control over the company.

[Sing_Sling]

I believe that too much politicising has been made about this deal - any thoughts of this country that is smaller than downtown Bangkok planning to undermine and control Thailand's communications and transport infrastructure is simply baseless and close to sci-fi.

The deal is quite openly discussed here and no political gain is being made of it - although it would be ideal as elections are around the corner.

Temasek is linked to the government but is not directed by it.

I do believe xenophobia in Thailand has a lot to do with the mistrust and horror stories circulating at the moment - surely some will be elevated to urban myth status in due time.

I was in BKK last week on my monthly business trip and not one person I spoke to has misgivings about the deal.

Misgivings about how it came to pass, misgivings on the Thaksin side - YES, but not on the foreign ownership issue. They, to a man, hoped that certain sectors would become more effective, professional and competitive because of it.

Manipulation of an undereducated population is an easy sport, particularly when you tie it to nationalism and xenophobia.

As Britainmal states:

Thailand already did get a fair deal. Majority control over the company.

[singa-traz]

I believe that too much politicising has been made about this deal - any thoughts of this country that is smaller than downtown Bangkok planning to undermine and control Thailand's communications and transport infrastructure is simply baseless and close to sci-fi.

The deal is quite openly discussed here and no political gain is being made of it - although it would be ideal as elections are around the corner.

Temasek is linked to the government but is not directed by it.

... They just sleep together, don't they ?

I do believe xenophobia in Thailand has a lot to do with the mistrust and horror stories circulating at the moment - surely some will be elevated to urban myth status in due time.

I was in BKK last week on my monthly business trip and not one person I spoke to has misgivings about the deal.

Misgivings about how it came to pass, misgivings on the Thaksin side - YES, but not on the foreign ownership issue. They, to a man, hoped that certain sectors would become more effective, professional and competitive because of it.

Manipulation of an undereducated population is an easy sport, particularly when you tie it to nationalism and xenophobia.

As Britainmal states:

Thailand already did get a fair deal. Majority control over the company.

... Openly discussed in Hong Lim park !

The idea that a foreign (Singaporean ?) owned company would become more effective, professional and competitive ... hmm, I'm sure this could be labelled as "racist" comment.

[Sing_Sling]

... Openly discussed in Hong Lim park !

The idea that a foreign (Singaporean ?) owned company would become more effective, professional and competitive ... hmm, I'm sure this could be labelled as "racist" comment.

Openly discuses anywhere, actually.

Please share with me how the comment could be seen as racist. Have you been to Thailand, lived in Thailand?

These comments come from Thais themselves - so is this a reflective racism, they are racist about themsleves?

[Plus]

More stupid remarks from Mr. minus(plus) Singapore has no say in operation of the company because it has only 49 percent so, the 51 percent of Thais can overrun any Singapore decision.

Britainmal, please refrain yourself from insulting me, or anyone else on this forum, for that matter.

The latest headline from the Nation reads:

"Temasek acquires 96.12% of Shin Corp"

http://nationmultimedia.com/breakingnews/r...newsid=20002703

It owns Shin through Aspen, Cedar, Cypress, and Kularb Kaew. There were at least two news articles about their questionable shareholdings investigated by the opposition. These companies are nothing but fronts for Temasek and contrary to what you are saying Thai shareholders' do not have 51% of voting rights on their boards. Just look at this example - Kularb Kaew, the only "truly" Thai company among them:

As for Kularb Kaew, it is 51 per cent owned by Thai shareholders, including Pong Sarasin, who is Shin’s chairman, but according to the company’s books, the Thai shareholders are entitled to only 3 per cent of profits and only 5.1 per cent of the voting rights. They are also barred from selling, pledging or transferring the shares without approval from its Singaporean directors.

http://nationmultimedia.com/search/page.ne...d=6&id=20000728