Telecom Shares Fall With Thaksin Verdict
Worries among Thai investors that the telecom companies might now be compelled to recompense the government agencies for the loss of revenue caused share prices to plunge yesterday, even as the broader market expanded on greater hopefulness for the global economy.
Companies tied in the past to Thaksin all closed down harshly, with mobile leader AIS plummeting 4.26%, holding company Shin Corp falling 3.45% and satellite operator Thaicom down 10.74%.
The Shinawatra family dissociated from its stake in the three firms in 2006 in the infamous 73 billion baht sale of Shin Corp to Singapore’s Temasek Holdings.
Shares in DTAC, the nation’s second-largest mobile server which is controlled by Norway’s Telenor, fell 2.88% yesterday while telecom multinational True Corp, owner of mobile operator True Move, was unaffected.
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