(Bangkok Post via NewsEdge) Telenor of Norway, the major shareholder of mobile operator DTAC, expressed optimism on amendments by the Thai government to the Foreign Business Act, saying it was willing and ready to comply with the change.
Sigve Brekke, CEO of DTAC and United Communication Industry (Ucom), said Telenor was not worried about the Thai government's new policy on foreign ownership limits and voting rights, saying it remained confident that its shareholding structure in Ucom and DTAC was in compliance with the revised law and regulations.
He said the Norwegian telecom company also had no plan, as of now, to either divest its investment in the Thai telecom market or postpone the planned listing of DTAC on the Thai stock market, which is scheduled by in first half of this year.
'We are not surprised by the move. It was within our expectation. There is no need for alarm or panic,' Brekke said.
'We believe that there is no need to dilute or restructure our existing shareholding stakes, as it is fully legal. DTAC is a Thai company.'
Under the current shareholding structure of DTAC, Telenor Asia holds 33% of the shares in the mobile company, with Ucom holding 43%, a free float of 16% in the Singapore stock market, and 6% held by TOT.
© 2007 Bangkok Post
© 2007 Dialog, a Thomson business. All rights reserved