CAT (Thailand) Privatization Moves Forward
The state-owned Communications Authority of Thailand (CAT) said on Tuesday it expected to be turned into a limited company by December and listed on the Stock Exchange of Thailand in the third quarter of 2002. CAT Chairman Kraisorn Pornsutee told Reuters privatisation of the agency had been delayed since May due to a disagreement over privileges for staff and over the calculation of assets.” Ouyporn says, “CAT is due to be split into two holding companies – CAT Telecommunications Co Ltd, and CAT Postal Co Ltd – which will be privatised separately. All assets, liabilities and rights of the CAT will be transferred into the two firms.” The article says, “Under Thailand’s privatisation law, all staff would receive the same benefits and welfare provisions in the new companies as before as well as the right to hold stock in the firms. The government recently said state enterprise employees would be eligible to receive stock equivalent to eight times their monthly salaries but staff were disappointed with the multiple and demanded more shares. Kraisorn said the Thai finance minister was trying to resolve the dispute over staff privileges. ‘The finance minister is talking with the labour unions and (I) hope that the issue will be sorted out very soon,’ he said
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