TMCnet News
TT&T eyes swift turnaround [Bangkok Post, Thailand](Bangkok Post (Thailand) Via Acquire Media NewsEdge) June 23--T&T Plc, the provincial fixed-line telephone provider, says it is confident that its shares will resume trading in the stock market by September once it completes a professional business turnaround. The company is also looking to provide 3G services on behalf of TOT Plc and CAT Telecom in another effort to create a new revenue stream. A TT&T executive, who asked not to be named, said the company was now waiting for a creditors' approval of a new investment budget of 1 billion baht. The money is slated for broadband service expansion. The Stock Exchange of Thailand had posted an 'NC' or non-compliance sign on shares of TT&T since April 22, saying the company needed to address problems that could result in its delisting. An 'SP' or suspension sign will be effective from today and trading in the shares will be halted until the company can rectify its financial problems. TT&T shares rose yesterday by the maximum 30% on their final trading day to close at 0.13 baht, in trade worth 34.6 million baht. "To resolve possible delisting, we are on the verge of business and financial restructuring under the rehabilitation plan," the source said. He admitted that TT&T needed at least three months to complete the restructuring of management and operations, "We have been facing high accumulated losses and it would take at least few years to return to profit." In the first quarter of this year, TT&T reported a consolidated net loss of 514.4 million baht, compared with a loss of 297.2 million in the same period a year earlier. TT&T needs to seek strategic partners to bolster its finances within three years under its rehabilitation plan. He added that the rehabilitation process would not affect the company's ongoing business planning. TT&T on Monday will hold a creditors' meeting to discuss its new broadband investment plans under a one-billion-baht budget. The executive said TT&T planned to become a mobile virtual network operator (MVNO) to provide 3G service on behalf of TOT. The company also wants to resell and market 3G services for CAT. "Given our strong experience in marketing and branding as well as service centres nationwide, we are confident we have high potential to generate this new revenue opportunity," he said. ___ To see more of the Bangkok Post, or to subscribe to the newspaper, go to http://www.bangkokpost.com/. Copyright (c) 2011, Bangkok Post, Thailand Distributed by McClatchy-Tribune Information Services. For more information about the content services offered by McClatchy-Tribune Information Services (MCT), visit www.mctinfoservices.com, e-mail [email protected], or call 866-280-5210 (outside the United States, call +1 312-222-4544) |