Thai Maritime seeks urgent meet

The board needs ministry approval to pass a resolution to dissolve the agency following the transfer of all its businesses to its joint venture, TMN.

Thai Maritime has asked the ministry to send officials to meetings on a number of occasions but the ministry declined, citing more important engagements.

One director, Suwapat Suwankitboriharn said Thai Maritime could not set the date of a meeting but the board wants it to take place this month in order to pass the key resolutions.

Moreover, Thai Maritime needs to talk with the ministry about TMN's remaining paid-up capital, which is a 30:70 joint venture between Thai Maritime and private shipping companies. It has registered capital of Bt666 million but only 50 per cent of paid-up capital.

TMN wants Bt100 million from the ministry to clear the outstanding paid-up capital, while the private partners will pay the remainder.

The company needs cash to purchase a new cargo carrier, which is being assembled in China at a cost of US$14 million (Bt471.8 million) Construction of the vessel will be completed next month.

If the Finance Ministry declines to pay, TMN's private partners might decide to acquire Thai Maritime's stake in TMN.