STOCK MARKET DELISTING

Regulators give iTV six months to comply

NUNTAWUN POLKUAMDEE

The Stock Exchange of Thailand is ready to give iTV Plc an additional six months to restructure its operations before facing potential delisting.

The broadcasting unit of the telecom giant Shin Corp faces delisting after the PM's Office revoked its concession last month due to unpaid fines and concession charges totalling nearly 100 billion baht.

On March 7, the PM's Office directed iTV to transfer all assets related to the broadcasting concession to to the state. iTV directors have since suspended the company's commercial activities.

SET president Patareeya Benjapolchai said yesterday the exchange was prepared to give iTV time to draft a new business plan to meet market regulations if needed.

Shares of iTV have been suspended from trade since Feb 28 after the company warned that it would be unable to make the concession and penalty payments. The stock last traded at 1.05 baht.

Mrs Patareeya said that once a formal extension was given, iTV would have to draft a restructuring plan and address the causes of its possible delisting within the time given.

"The SET wants to give iTV a chance for the benefit of its shareholders. We will monitor the situation closely," she said.

According to the SET, 9,348 iTV shareholders were registered as of March, with Shin holding the largest stake at 52%.

Somkid Wangcherdchuwong, an iTV director, said the company yesterday submitted a formal request for a six-month delay of delisting proceedings.

He notified the SET that iTV would continue to challenge the basis by which the penalty concession fees were calculated, and had filed a challenge with the Arbitration Institute.

Until the case is settled, iTV remains uncertain about the actual debt owed, Mr Somkid told the SET.

Bangkok Post

Last Updated : Tuesday April 10, 2007