TOT Plc is likely to put off its schedule to trade shares on the Stock Exchange of Thailand this year, due mainly to unsettled court disputes, especially the case with True Corp Plc.

State agency president Teerawit Charuwat said yesterday that he would meet with the TOT's capitalisation panel to discuss the scenario soon.

He added that the possible delay of the listing plan stemmed from several uncontrollable external factors, especially the ongoing dispute with its own fixed-line concessionaire, True.

He said TOT would proceed to the listing plan again after all cases are cleared off.

"But the delay will not hurt us," Teerawit said.

Previously the state agency had planned to launch an initial public offering last November before putting off the schedule to the second quarter of this year, due to several unsettled court cases against its private concessionaires, True and TT&T Plc.

The possibility that TOT would have to postpone its listing schedule from this year loomed last month when the Arbitration Court ruled that with respect to lost revenues up to August 22, 2002, TOT had to pay True a sum of more than Bt9 billion, plus interest. The payment must be made within 60 days of the ruling.

True filed the case against TOT in August 2002, claiming a share of benefits gained by TOT from providing special services on True's network.

The ruling said True was entitled to benefits derived from TOT's provision of special services on True's network, and from TOT's permission for others to provide special services on True's network.

For the period after August 22, 2002, TOT must pay True 50 per cent of the benefits gained by TOT from accessing True's network.

TOT is in the process of appealing to the Central Administrative Court to override the Arbitration Court ruling. It could take a year before the dispute is completely resolved.

The state agency also threatened to terminate True's concession contract if it has to pay the claim to True following the Arbitration Court order.

TOT also faces a similar fixed-line network-access suit from TT&T for a claim for Bt28 billion. The parties are in the process of selecting a chairman for an Arbitration Court hearing.

In separate matter, the TOT board yesterday asked the agency to share with telecom operators the revenue from the 1133 information inquiry call service. The service charges Bt3 per minute.

TOT will take half of the call rate amount and the mobile-phone operators will pay 20 per cent of the remaining amount to TOT that they gain from prepaid phone customers who use the 1133 service, and 30 per cent from post-paid users.

The state agency posted revenue of Bt60.293 billion and a Bt6.682-billion net profit last year.

Usanee Mongkolporn

The Nation