STREET WISE
PR firms vie for Temasek's eye

Being famous has its ups and downs, so large firms and even celebrities have to have good PR just in case.
Fans of the HBO series "Entourage" will remember that its protagonist, Vince, hires himself an agent, a personal manager and a PR guru. If even an aspiring star needs so many people to represent him, it should come as no surprise that Temasek Holdings, with US$129 billion (Bt4.8 trillion) in assets, is on the lookout, too, particularly when it is dealing with so much criticism. We hear the Singapore state-investment arm has been shopping around in Bangkok for the best PR set-up to represent it in Thailand, where it faces tough questions. One of the companies it visited was 124 Communications Plc, which apparently was so eager to get its business that it hung up a sign on the wall to greet Temasek's emissaries, rather to their surprise. Nimit Modrakee, president of 124 Communications, personally attended the meeting. Little wonder that the company pulled out all the stops: Temasek owns Shin Corp, one of the largest Thai conglomerates, and landing it as a client would not be a deal to sniff at. Note that Temasek Holdings, incorporated in 1974, is one of the biggest Asian investment firms. Its portfolio spans various industries, including telecommunications and media, financial services, real estate, transportation and logistics, energy and resources, infrastructure, engineering and technology, and bio-science and healthcare. How nice if the deal paved the way for 124 to expand overseas! Far-fetched, you will say. We all know Temasek is trying by every means it can to distance itself from the late notorious Thaksin government. Since clinching the takeover of Shin Corp from the Shinawatra/Damapong families, it has been bombarded with questions, despite diligent insistence that the deal was legally done. Now it is reportedly trying to replace some directors of Shin Corp known for their close relationship with former prime minister Thaksin Shinawatra. In Thaksin's heyday, many government projects came the way of 124, which also won a five-year consulting contract from Airports of Thailand Plc to plot the brand-building strategy for Suvarnabhumi Airport. And Thaksin's brother-in-law, Bhanapot Damapong, has been rumoured to have an indirect stake in the company, too. It will be intriguing to see which way Temasek jumps when it comes to 124.
achara_d@nationgroup.com
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