TOT - one last push

State-owned TOT Corporation (TOT) surprised the market last week by announcing that it plans to go ahead with its IPO as early as January 2003.

State-owned TOT Corporation Public Co Ltd TOT surprised the market last week by announcing that it plans to go ahead with its IPO as early as January 2003 by offering 30% of its Bt47.7 billion capital to the public. Most likely, this announcement was in response to intense pressure from Information and Communications Technology Minister Surapong Suebwonglee on both TOT and the Communications Authority of Thailand CAT to improve their images with the public and with investors in order to pave the way for Stock Exchange of Thailand listings by early next year.

Pressure to cut international call rates. In mid-November, Minister Surapong publicly criticized both TOT and the CAT for not doing more...

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