Broadcasting Commission mulls new auction after JAS defaults first payment



BANGKOK: -- The Broadcasting Commission will meet on Wednesday to consider details of staging a fresh auction for the 900 MHz 4G spectrum after JAS Mobile defaulted its payment of the first installment 8.04 billion baht of the license fees scheduled on Monday.

The 4.30 pm deadline for the payment of the first installment passed without any representative of JAS Mobile, a unit of Jasmine International, showing up or contacting the National Broadcasting and Telecommunications Commission to make the payment.

JAS won the 900 MHz 4G spectrum last December by offering a bid of 75.56 billion baht. The other license was won by True.

Broadcasting Commission chairman Colonel Setthapong Maleesuwan said Monday afternoon that the commission would also consider claiming compensation from JAS for the damage caused by the company’s failure to come up with the first installment of license fees.

At a meeting on February 3, the Broadcasting Commission set the terms of a fresh auction in case of default of license fee payment. The terms are: the last bidding price of the auction winner will be used as the starting price of the fresh auction; the auction winner has the right to participate in the new auction provided that it has paid the first installment; in case there are no bidders, the spectrum will be kept for at least one year.

NBTC secretary-general Takorn Tanthasith said that the 644 million baht guarantee put up by JAS before the auction would be confiscated.

Mr Prawit Leesathapornwongsa, a member of the Broadcasting Commission,said it was too early to assess the impacts from JAS’s default.

Source: http://englishnews.thaipbs.or.th/content/156135


-- Thai PBS 2016-03-22

Seems someone did the numbers after a rush of blood during the auction.

Wonder if True will go down the same path after the second auction?

In my experience with Thai businesses, payments are never made on time.

Probably the reason why all stock, warrants and derivatives from JAS were hit with an SP this morning.. Luckily I was out, last week I was still trading one of their derivatives.

Yes, just checked news on JAS on the SET. The SET posted first an "H" sign this morning at 09:32 and at 14:02 put on an "SP". Many investors will have their money blocked now. For them the question is for how long? JAS is a heavily traded stock.

Edited March 22, 201610 yr by Dario

Probably the reason why all stock, warrants and derivatives from JAS were hit with an SP this morning.. Luckily I was out, last week I was still trading one of their derivatives.

Yes, just checked news on JAS on the SET. The SET posted first an "H" sign this morning at 09:32 and at 14:02 put on an "SP". Many investors will have their money blocked now. For them the question is for how long? JAS is a heavily traded stock.

Insiders?

It's an obscene amount of money to pay.....but the customers will foot the bill in the end.

"...without any representative of JAS Mobile...showing up or contacting the NBTC to make the payment."

Typical in Thai business fashion.

Probably the reason why all stock, warrants and derivatives from JAS were hit with an SP this morning.. Luckily I was out, last week I was still trading one of their derivatives.

Yes, just checked news on JAS on the SET. The SET posted first an "H" sign this morning at 09:32 and at 14:02 put on an "SP". Many investors will have their money blocked now. For them the question is for how long? JAS is a heavily traded stock.

Insiders?

Insiders??? What do you mean?

This case is very transparent and visible for all. It's all in the media. Since Jasmine is a company listed on the SET, the exchange has the right to spend trading if the company does something wrong. It's already back trading today, but haen't had the time to read the news yet. I'm busy making money.