Its shares on the Singapore market closed down 1.52 per cent at US$1.30, or about Bt45.

Amid cheering from DTAC's executives and staff, who attended the maiden-trading-day ceremony at the Stock Exchange of Thailand's head office, CEO Sigve Brekke wrote "thank you" on his handheld computer, which simultaneously appeared on the electronic board, which was wirelessly connected to it.

Brekke said he was very pleased with the opening price in Thailand.

Boonchai Bencharongkul, founder of DTAC's parent, United Communication Industry Plc (Ucom), was also ebullient.

"I'm very happy today after waiting 13 years for DTAC to be listed in its homeland," he said.

The country's second largest cellular operator, with over 13 million subscribers, has become the first dual-listed Thai firm on the SET.

DTAC's 222 million shares listed on the local bourse are expected to add Bt94 billion to its market capitalisation.

DTAC will use around Bt3 billion of the proceeds to expand its network upcountry, especially in the North and South.

Next week it will file a plan to the SET to delist Ucom by September.

DTAC does not have much time to savour the successful listing. Its executives were to meet with the Information and Communication Technology Ministry yesterday and the National Telecommunications Commission on Monday to discuss how the NTC could speed up its allocation of additional phone numbers to telecom operators.

DTAC is still waiting for the NTC's approval of its request for 1.5 million phone numbers. It is also waiting for TOT Plc to enter into negotiations with it on the interconnection-charge agreement.

The NTC this week ordered TOT to talk to DTAC on the matter within seven days, and they have to finish the talks within the following 30 days.

DTAC and True Move adopted the NTC's interconnection-charge regulations when they stopped paying the access charge to TOT last November.

The access charge is paid by DTAC, True Move and Digital Phone Co, all holders of cellular concessions from CAT Telecom Plc, to TOT to cover the cost of transferring their calls to other networks via TOT's facilities. The access charge had cost DTAC around Bt800 million per month.

Under the interconnection-charge regime, all telecom operators with bilateral interconnection-rate arrangements share voice and data revenue between the networks involved in a call.

TOT and CAT have reached an agreement to take DTAC to court over the access-charge dispute.

Sirivish Toomgum

The Nation