“We’ll go into new areas because now we do not have to worry about criticism. We will also apply for a greater number of business licences,” Boonklee said.

He added that Shin would continue creating new businesses in the service sector, thus playing to Thai commercial strengths. Shin and its subsidiaries have attracted close scrutiny to determine whether they gain any benefits from Thaksin’s state policies.

The Shinawatra and sibling Damapong families announced last Monday they were selling their combined 49.6 per cent shareholding to Singapore’s state investment arm Temasek Holdings and its local allies in a deal worth Bt73.3 billion.

Boonklee said the deal meant Shin group executives now had a chance to prove themselves at a regional level in Temasek’s vast business network.

On Monday he also told executives they are the company’s key strength, adding that the organisation’s continued rising stock value is proof of their skill.

His remark has come at the right time, because several group executives have felt uncertain about the future after a change in Shin’s shareholding.

He told executives that Singapore Telecom, the strategic partner of Shin’s mobile phone operator Advanced Info Service Plc, did not know about the deal between the Shinawatra family and Temasek. He added that two weeks ago he called Lee Hsien Yang, SingTel’s chief executive, about the deal.

Boonklee also strongly denied a rumour that GMM Grammy would snap up a share of the Shin-controlled TV station iTV Plc.

“It’s just a rumour and I’m not sure who’ll buy who. We never offer our shares to anyone, but a lot of people want to buy us. This deal is not a takeover but a change of the main shareholder group,” he said.

Boonklee said he briefly discussed with Temasek his intention to provide more incentives to staff. The average salary of Shin group employees is lower than its competitors but, despite that, executives have been loyal to the Shinawatra family.

He added that there would no big changes in management at the executive level in Shin, and Temasek would not sell the Shinawatra-family shares to another investor due to its long-term investment policy.

Temasek is expected, however, to send more representatives to Shin board meetings in addition to S Iswaran, its investment managing director.

Due to employee concern that Shin will lose its Thai identity after the Temasek deal, Boonklee said Shin would continue to be 100 per cent managed by Thai executives, unlike some competitors.

Boonklee denied he would soon leave Shin for another job, adding he would turn down any proposal from the Shinawatra family if it invited him to manage a fund worth Bt73.3 billion.

“Who knows? I may be a lousy fund manager,” he said.

Telecom Reporters
The Nation