Telecom IPOs in Thailand - what is the hold up?

In recent weeks, progress towards privatizing and listing Thailand's two telecom sector state enterprises - TOT Corporation Plc (TOT; originally scheduled for November 2002) and the Communications Authority of Thailand (CAT; initially earmarked for 4Q2002) - has slowed dramatically. While it may be convenient for the authorities to blame "unfavourable financial market conditions" for the delays, the reality is that the slow progress is very much due to domestic factors that are largely officialdom's own making.