Shin Corp chief executive Boonklee Plangsiri yesterday denied any knowledge of a restructuring of the board or other top executive positions at the telecom giant.

Considered the right-hand man of the firm's founder and ousted premier Thaksin Shinawatra, Boonklee also denied he felt uneasy with ongoing problems swirling around Shin.

"I've no idea about a restructuring. Anyway, if there are management changes at Shin it is a matter for the board and the shareholders. I'm a professional executive, so I keep doing my job," he said.

Shin has been beleaguered since being taken over by Temasek Holdings in January. There is speculation that Temasek wants to restructure Shin's board and management as part of an effort to erase its association with former prime minister Thaksin Shinawatra by sacking heads with close ties to Thaksin.

Temasek's takeover triggered months of street protests after criticism that the deal was a sell-off of national assets to foreigners.

Officials are investigating allegations that the deal involved improper use of nominee companies and that the Shinawatra clan evaded tax after selling their shares.

The pressure has become so great that Singaporean Prime Minister Lee Hsien Loong pleaded earlier this week for the deal not to be dragged into politics any further.

Despite the controversy, Boonklee said Shin would remain listed on the local bourse as the board and shareholders agreed to maintain Shin's listing status.

"But when Shin will increase the number of free-float shares to keep its listing status depends on the decision of the board and shareholders. It can be done by either issuing new shares or selling existing shares," he said.

Shin still had time to finalise the free-float plan before the deadline of May next year.

Cedar Holdings and Aspen Holdings, part of the group in the Shin takeover, currently own 54.53 per cent and 41.76 per cent of Shin, respectively, while another 3.88 per cent of shares are free floating.

According to Stock Exchange of Thailand rules, listed firms have to keep its free-float share proportion at a minimum of 15 per cent in order to remain listed.

Boonklee said Shin would not be staging its own road show this year, given the small ratio of free-float shares on the local bourse, but its subsidiaries had continued road-show activities as usual.

Shin's listed flagship firms include the country's largest cellular operator Advanced Info Service Plc, satellite operator Shin Satellite Plc, and the free-TV station iTV Plc.

Boonklee said Shin was also devising the group's new business plan, which is expected to be finalised next month.

Usanee Mongkolporn

The Nation

Chiang Mai