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Shin Corp mulls new business


April 23, 2008

Shin Corp mulls new business

Shin Corp, Thailand's largest telecoms group majority owned by Singapore’s Temasek Holdings, is looking to invest in new businesses to boost growth and shareholder return, the company's executive chairman Somprasong Boonyachai said Tuesday.

"We are looking to invest in new businesses, but I can't say when it will be concluded. It's subject to approval from the company's board," he was quoted as saying by Reuters after a shareholder meeting. He added the company would keep its focus on the telecommunications and media sectors.

Shin Corp, controlled by Singapore's Temasek Holdings  through two Thai-registered companies, comprises more than 20 companies in the wireless, satellite, Internet and media sectors.

The flagship Advanced Info Service (AIS), 43-percent owned by Shin Corp, operates Thailand’s largest mobile phone network with a 50 percent market share. AIS contributes more than 80 percent of Shin Corp’s profits.

Shin Corp sold its wholly owned consumer finance unit, Capital OK, and its holding in budget airline Thai AirAsia last year as part of a divestment of non-core assets.

The Singapore state investment firm has said it wants to dilute its holdings in Shin to 49 percent, but the plan has been put on hold pending a probe on whether the takeover broke laws limiting foreign ownership of Thai firms to 49 percent.

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