BTS Politics

[The Enforcer!]

In today's press this is highlighted as being ready to go next month.

Anyone know if this is true or just pre-Electioneering?

The Enforcer!

[Wisarut]

Well, Suriya said they are going to do so ... and imposing 15 Baht flat rate -> just folliwng the Seoul Subway whcih apply 20 Baht fare rate for the tickets....

Sound like a populist propaganda indeed ... ONLy a DAMNED FOOLS would BELIEVE his LIE for 15 baht flat rate!

For the case of Seoul, they can produce theri own Subway rolling stocks for exportation ... so the cost is lower ... Even so, both companies who Run Seoul subway are in very deep in BLOODY RED.


For the case of OTP Plan, it can be described as follows:

Total Cost: 521.619 Billion Baht
Services: 165.486 Billion Baht -> 55 billion from the Budget and the rest of services from 110.486 Billion Baht Loan
Infrastructure: 356.133 Billion Baht -> 150 billion Baht from Budget, 36 billion Baht from nationalization at very bargianing price and then sell an IPO at very high price, 170.333 billion Baht from BMA such as the new automobile license fee, fuel funds, the toll from the cars passing through Ratchadaphisek, Rveune from the land management, and the service revenues from Skytrian and SUbway.

So far so good ...

[admin]

I did see the news item about the government purchasing the Skytrain/Subway () but the details were so sketchy I decided not to post it... It sounds like it was what they hoped would happen...

[The Enforcer!]

Originally posted by admin
It sounds like it was what they hoped would happen...

Quite understand your views. I was not sure if it was because a certain "independent" gubernatorial candidate (who may not have a degree) has been talking at meeting about low BTS/MRTA fares!!

But then I have suspicious nature!!!

The Enforcer!

[Nekochan]

TPP is what I call it.

Remember when Khun Samak announced 10 Baht flat rate for BTS? He didn't make it.

Thai government is trying to undermine the progress of mass transit projects. There are lots of economists who disagreed and I think they are right. Using taxpayer money in a very unwised way.

BTS.....They have gone all alone without any supports. They are debted ridden and nobody cares. OH! Khun Kiree will never sell his stock for sure.

We can go forward but we need your stock!! (WE NEED THAT CHEAP,TOO!)

Particularly when Mr. Suriya said about 15 Baht fare. Considering how much BMCL earned daily based on 10 Baht fare ..... revenue was 2 MB daily. You can earn more with distance based fare + flat fares to attracts passengers from all segments.

15 Baht is just like 30 Baht medical treatment ....... that's another form of populist policies.

Even they make it, I do not think I can built a complete mass transit network within 6 years. Seoul took almost 30 years and it is still expanding. DC since 1973 but it is also expanding!!

Who said about traffic solution within 6 months in 1996, but changed to 6 years later???

Big Jeuw (Gen Chavalitr) did that within 2 months!! ($1 = 50 Baht), that's why he was not drown himself in Mae Kong River (he achieved something Traffic Policy Office should be proud of!!).

[The Enforcer!]

An overall cheap transport system (integrated BTS, MRTA, SRT and Buses) does make sense and can work (see London in early 1980s) but NOT if you still allow 12,000 new cars a WEEK onto the roads!!

Sadly, all I see and hear are cheap, political posturing!!

The Enforcer!

[ncr]

Re: Govt should finance sky train project with offshore loans
The Nation, Apr 07 , 2005

Excerpts:

"The government should seek Bt70 billion in offshore loans to invest in new seven routes of the elevated electric train system in order to alleviate government's budget spending."

But apparently this refers to the mass transit lines in the master plan, which is limited to subway and SRT. 7 new Skytrain routes??? Misleading!

"The new seven routes elevated train project needs a total investment of Bt410 billion, where Bt280 billion will come from the state to finance the construction of tunnels and rails and the remaining Bt130 billion from the private sector for locomotives and bogies."

Ever seen an elevated train running in a tunnel? :p :p :p
(Well, it might be thinkable in certain (special) settings, such as a rail line through mountainous terrain with a succession of bridges and tunnels, but definitely not in Bangkok!)

Of course we (=informed 2Bangkok readers) know what this is all about -- and that long stretches of the so-called subway extensions will in fact be elevated lines -- but the general public doesn't!

[ncr]

And another instance:

"Anat Arbhabhiroma, adviser to BTS, which runs the Skytrain, said the operator is ready and able to operate extended light-rail lines from On Nut to Samrong and Taksin Bridge to Petkasem."
(from MASS TRANSIT EXTENSION: MRTA seeks wider govt role, The Nation, 18 April 2005)

I doubt he said that (or he must be a badly informed adviser - but I'd rather think the reporter screwed it up)..... The Skytrain is not a light-rail system.

[Nekochan]

No, it is not! But some people think it is.

Worst of all, some transport news is from OTP itself. They create public misunderstandings for many aspects since they misunderstand several things.

Farang transport engineers here just keep shaking their heads in disbelief. Just like 5 years' mass transit plan which they eventually khow they will not make it. Now it is a 10 years's plan.

Blame it on OPEC (oil price).

[White Nancy]

K Nekochan,

Here's one Farang transport consultant shaking his head in the UK as we speak!

I saw all this in the papers when I was out the other week and was confused then. It doesn't get any better.

I'm back out there the week after next to try to bottom out the Korat HSR issue. We are looking to persuade SRT that standard gauge is the way to go. We'll see!

[Nekochan]

Khun White Nancy,

I presume you do not understand Thai. That's an advantage. So, you do not have to answer silly questions to transport committee about what speed flow curve is......

Or how did you do your analysis?

I know that there are no FS studies of Yellow and Pink lines. Mr. 20% just decided and BANG! OTP jumped into conclusion it was good.

You have master plan but no ridership forecast, no fare test ...... just nothing but in time for the election :(

[Wisarut]

ShinCorp Trying to Takeover BTS
Thairath - July 15, 2005

Now,the creditors got the contact from ShinCorps that ShinCorps is going
to buy the BTS Debts from the creditors such as KfW and otehr domestic creditors -> at the 50% discounted price (from the current 850 million US$ for KfW case and 13 billion Baht for domestic creditors suchasIFCTwhcih has been taken over by TMB[the checkbook of ShinCorps], and SCB) to
takeover BTSC.

After the debt buyout, Shincorps would ask BTSC to cut down the registered capital to payoff the debts and raise the ticket prices to 45 baht ceiling.

Even today, BTSCstill operate at loss ...indefinitely posepone the IPO despite of the 400000 passengers a day ... Failture toperform debt restructure woudl discourage the company from offer IPO.

[Hitesh]

so i suppose this now means the skytrain has permission to lay tracks wherever it wants to.

[Wisarut]

This measurement has come up asthe governemnt has found than they have to little Baht and Dollars in theri coffer to do this Nationalization scheme.

Furthermore, the cost overrrun by 4 billion Baht even without digging the tunnel due to fuel hike and baht depreciation ... with the additional 8 billion Baht inthe case of digging 4-km tunnel for purple line and the additional 20 billion Baht for digging both tunnels for purple line and blue ring ....

Now, MTHAI.com have barred me from postign my comments because my comments are so CAUSTIC and ACIDIC that those who live in Taopoon have asked MTHAI.com to PROHIBIT me from participating the webboard by locking the IP Address. :mad:

[Pas]

They barred you? that's too drastic!!!

Can the govt forces KfW to sell Shin BTS share at 50% discount price? is that legal?

What about BMA, I thought they already budgeted for the skytrain expansion civil works?
I do feel for the Kanjanapas family though - not because their wealth is dwindling, but because they, of all people, have the guts to stick with this project from the beginning. Too bad if the company can't go public.

[Wisarut]

Now, If BTSrefuses to sell the stake to ShinCorps or Becoming Nationalized Company, Ministery Suriya said he'll deny BTS the right to integrate with Subway and SRT RedLien Commuter network and Airport Link. :mad:

Furthermore, the Redline Commtuer has been downsized by cutting the section Bangsue - Talingchan out of the 6-year plan so as to financethe MRTA Yellow LRT line [Lad Phrao - Bang Kapi - Sri Nakharin - Samrong]

[The Enforcer!]

Seems like TRT is hell bent on cutting off its nose to spite its face!

The Enforcer!

[jpatokal]

...BTSC just gives up and lets the government take it over? Will we see the extensions start construction, or will the Skytrain just be left to rot while the Subway etc expand?

[The Enforcer!]

...BTSC just gives up and lets the government take it over? Will we see the extensions start construction, or will the Skytrain just be left to rot while the Subway etc expand?
Hopefully it would be allowed to expand but you never know!

The Enforcer!

[Wisarut]

The following are the post about Preimier Thaksin's Attempt to purchase BTSC if MOTC failed to do this kind of job for him.

Ref: http://www.mthai.com/webboard/5/129872.html

[Nekochan]

I can only hope BTS can go for the South Extention first just to attract 50,000 up and more passengers.

Subway Expansion??

I am afraid that the dear leader Taksin will never have financial resources to construct all mass transit lines whether 5 or 10 years or 20 years from now.

Now they plan to revise the number of ridership forecast whether the projects are financial feasible based on new GDP and patrol prices. It is such a good excuse ... "the situation has changed, we will reconsider blah blah blah..." And finally, they cannot implement any!

Remember the expressway in the Gulf of Thailand? That costs 70,000 M Baht. New city at Nakhon Nayok? Fashion City? Elite card? and a lot more.

Yellow Line and Pink Line will likely to be dropped ... after Mr. Suriya has gone. Even the Purple Line, I am doubtful that it should be the priority (Orange Line is a lot better ... using the existing depot). But they need a new system, a new depot, that's why the went to France accompanied by Alsthom people.

But the money is really running dry......

[The Enforcer!]

It takes great political talent to waste four years in office, and an even greater talent to waste two terms of four years in office!

The Enforcer!

[Wisarut]

Khun Nekochan,

Even though Ai Suriya is out of MOTC, he still controls MOTC by Proxy usign Ai Pheng as a puppet to do this kidn of down and dirty job for him. Therfore, The yellow line may be down by NOT out due to the existign demand from those who live in Lad Phrao, Lam salee and Sri Nakharin

[The Enforcer!]

Khun Nekochan,

Even though Ai Suriya is out of MOTC, he still controls MOTC by Proxy usign Ai Pheng as a puppet to do this kidn of down and dirty job for him. Therfore, The yellow line may be down by NOT out due to the existign demand from those who live in Lad Phrao, Lam salee and Sri Nakharin
To me the Yellow line makes more sense as it reduces traffic within Bangkok AND links directly into the existing network.

The Purple line as it stands only aids Nonthaburi and goes nowhere!

The Enforcer!

[Wisarut]

BTS Crisis after Creditor Changes: Khiree vs. Kasem
Interest Business Weekly - Jan16-22, 2006

BTS Creditors have sold out the debts to other people, compelling BTSC to retrack the Debt restructure plan in Bankrupsy Court
Mr. Khiriee is trying to call the BTS Board to deal with this matter twice, but most members of BTS Board including Super K
(good old Kasem Jatikawanit) REFUSE to attain the meetings since they don't want to get massive pink slips form Mr. Khiree.
This has OUTRAGED Mr. Khiree so he has to file the case against Mr. Kasem in the court due to ht neglect of the duty to call
a Board meetings.

KfW has sold BTS debts to Deuch Bank at 72% of nominated price of debt.
IFC has sold BTS debts to Credit First Boston at about 70-71% of nominated price of debt
SCB has sold BTS debts of 3.2 billion Baht to ADB whcih is at about 70-71% of nominated price of debts.

This massive debt sellout is the way to clear balance sheet of NPL since the creditors REFUSE to accept the debt restructure of BTS
and allow the takeover by investors and speculators while rendering BTS stocks WORTHLESS.

One of few ways for BTS survival is to cut down the registered capital, so Mr. Khiree decided to get the Bankruypsy court protection.
However, the court protection would not be effective without the approval form BTS Board. However, Mr. Khiree
cannot call the Board Meetings sicne Mr., Kasem and co. REFUSE to attain hte meetign TWICE. ONLY Mr. Julajak Bunyaket and
Mr. Khiree Kanchanaphak are attending., nto meetign the quorum. This has outraged Mr. Khiree so much that he has filed
the case t the court against Mr. Kasem since he neglects his duty to call a meeting and meet the quorum. However Mr., Kasem and CO.
refuse to attain the meeting since he don't want to be secked by Mr. Khiree through the vote from shareholers.
This is a sure sign of DISUNITY of BTS Board whcih Mr. Kasem and Co. as well as creditors want to ABANDON and DETHRONE
Mr. Khiree and they woudl scramble for the power for themselves sicne nobody in BTS board RESIGNS.

We'll see the results in the upcomign meetign of Jan 18, 2006.

Note: This is a BIG DILEMMA for Mr. Khiree and even the old fox like Super K since this DISUNITY would allow the explotation
by TRT. TRT may learnt from the past blunders by not making a blatnat statement of takign over .... relaize the takeover by both
bailout and a wedge to make permament disunity, unless Democrat and BMA have come to rescue on time.

[Wisarut]

BTS Dilemma 2 - Deuch bank Sellign Debt to new World
Khiri Lobbying Pheng for Phaholyothin Extension -
Pheng Refusing to Meet with Khiree
Post Today- Jan 18, 2006

Now, Deuch bank has promptly sold US$850 million Debt purchased from KfW to
4-5 Asian investors - without ANY local Thai investors -> to get sellign fees and
the New World group & Samsung Life Insurant (Thailand) are the main buyer since
Samsung Life and New World Group of Hong Kong are alliances of Mr Khiree.

SCB has sold BTS Shares to ADB subsidairy at 6 billion Baht while IFCT (now a part of TMB)
has sold BTS Stocks to American Engineering Firm at 2.680 billion while KfW has sold
the stock at 70-72% of Nominated Stock Price -> MUCH higher than 50% of nominal stock
prices offered buy Minister Suriya.

Mr. SUper K said he still work with Mr,. Khiree depite of the threat of ligitation
The upcoming meetign on Jan18 would be the decisionto Force Mr. Super K. to Resign from
the Chairman of BTS Board, not the dismiss of the entire BTS Board.

Mr. Prakit Pratheepasen (member of BTS Board) siad he and Mr Saranthorn Chutima (the Assistant Manager on marketing Dept from SCB) woudl have to RESING since the new creditor have already nominate the new men to replace him and his friend.


The 39 billion Baht outstanding debt of BTS consists of 33 billion Baht in principle
and 6.3 billion Baht ingterst. The shareholder said they want to write off 8.5 billion Baht in debt
-> 2.2billion Baht in principle and outstanding interst of 6.3 billion Baht ....while converting
12 billion Baht debts into assets


Mr. Khiri and BTS Shareholders are trying to lobby with Minister Pheng to deal with the debts
and get the right to deal with

1) Phaholyothin extension
2) Phran Nok extension
3) Samrong-Paknam extension
4) Taksin extension Phase 2

However,Minister Pheng refuses to meet them since he did not want to interfere in the
internal affairs unless it is at hsi own advantages -> ONLY after the final settlement of BTS Debtsbetween the shareholders, creditors, BTS Board and Mr. Khiree.

Furthermore, Minister Pheng woudl liek to call a free bidding which he may NOT invite BTSC and
BMCL to get into the bidding sicne both have alreay have the cuttign edges due to ready depots
and existing rollign stocks -> MOTC woudl invite BTS and BMCL ONLY after they accept the new TOR wjhcih will be approve on Jan 26, 2006.


Note: It seems to me that Minister Pheng would NOT allow BTS to run Phaholyothin Extension,
Unless Mr. Khiree agrees to Surrender BTS Stocks to Shin Corp and the leader's Cronies at
bargining prices.

This is due to the fact that Phaholyothin Extension would HURT the sell of Shinnicha Villages
along Red line Commuter. Without Phaholyothin extension, people would FORCE people who live alogn Phaholyothin to migrate to live red line commuter, pleasing Shinnicha (Real Estatge Arm of Shin Corp). Phaholyothin extension in Shin Corp Porfolio would definitely double the asset without doubt.

Taksin extension (both Phase 1-2)would hurt Blue Ring whiel
Samrong-Paknam extension would hurt Yellow LRT.


Furthermore, Phran nok extension through Rattnakosin Island is so lucrative that Ai Pheng
would NOT approve the construction of this lien unless The Leader and Croniesy have got
this line for themselves.

However, The sellign of BTS Debt at 70-72% Price have SHOCKED Ai Pheng and
TRT Cronies since they have to pay much higher price to get BTS Debts before converting
into equities.

[Wisarut]

BTS Dilemma 3 - Khiree Uniting with New World and Samsung Life to Pressure
Super K out of BTS Board Chairman
Bangkok Biznews - Jan 19, 2006


Super K said the upcoming Special meeting Session of Shareholder on Feb 16 is due to the request from the main shareholders
(Thanayong, New World, Samsung Life) to overturn the odl Debt restructure plan and make a Major change on BTS Board. Super K. agrees on
the change of Debt restructure plan even though the mainshareholders refuse to elaborate the details of the new plan.

For the change of the BTS Board,Super K said he DID call a meetign on December 8, 2005 to all16 membersof BTS Board, but
he got ONLY 3 - did nto meet the quorum. Thih incident hasoutraged Mr. Khireeso he has filed the case against Super K for neglectign the duty
to Civil Court. The hearing would be held at civil court on Jan19, 2006.

However, Super K told the press that Khiree is scheming for Kick him out of the position of BTS Board Chairman with 3 reasons,
including:
1) Mr. Khiree and Co. have never collateralized the debts through registration as asked by Super K. due to the request from the creditors.
2) The registrar has not make any registration on the stock transfer from Thanayong to ADM (Subsidiary of ADB) andADM has sent the letter
to BTS Board that ADM has transferred the stocks to CTF, subsidiary of New World group.
3) BTS has not paid the outstanding fees to Mr. Bill Repper, the financial adviser approved by BTS Board.

It would be very regret that no progress on debt restructure eventhough BTS Board had worked so hard and spent lots of time
and energy to deal with this matter. Therfore, Super K. said Mr. Khiree should listen and follow the advice from BTS Board to save
the company from worsenign troubles.

Super K REFUSES to Resign until he received the resolution from Shareholders to Sack him.

Super K. has pointed otu that the actual share holding allocation for Thanayong is just 8.8%, not 28.21% (from the initial 50%) as claimed
by Mr. Khiree sicne Mr. Khiree has nto registered the transfer of capital to the registra. On the otehr hand, New World group has held
26.26% of stock while ADM (ADB subsidiary) has held 23.03% of stock after purchasing the stock form Credit First Boston (Hong Kong).
ITD is goign to sell all the remainign stocks to ADM.

Mr. Khiree said he could NOTaccept the old debt restructure plan of Super K and BTS Board since it deters BTS from offering IPO and paying the divident to shareholders who has held the stocks for about 10 years.
Therefore, Mr. Suiper had to step down from BTS board Chairman if the resolution from the upcoming Special meeting Session of Shareholder on Feb 16 said Mr. Super K.had to resign.

The debt restructure plan of BTS Board is to clear 40-50 billion Baht of debt to 27 billion Baht - to be all paid in 18 years.
1) Haircut the outstanding Interest up to the end of 2004 by 6.3 billion Baht
2) 2.2 billion Baht harecutting of pinciple
3) Converting 4.3 billion Baht of debt into equity

Now, all the revenue is to payoff the debt -> NO dividence payment, so the main shareholders REFUSE to accept this plan.
Therefore, BTSBoard are asking to shorten the debt paymetn period from 18years to 13 years which the shareholder cannot accept eitehr sicne
it required higher principle payment. Therefore, BTSC shareholders said they cannot accept BTS Board Debt Restructure Plan by
Super K ... and Super K point out the debt deliquency for Mr. Khiree and shareholders .... So, the Mianshareholders has no choice but to force
Super K. to step down as the chairman of BTS Board by voting.

Mr. Khiree also discuss with meber of BTS Board such as Mr. Phanat Simasathian and Siwawongse Jankhasiri abotu this
new debt restructure plan and the change of BTS Board Chairman. Both members of BTS Board warned Mr. khiree that he and his
friends would have to take FULL responsibility if the new plan from Mr. Khiree FAILED eventhough they are very reluctant
to sack Super K. due to theri respect to him. However Mr. khiree has to sack Super K despite of his veneration since Mr. has NO choice
due to the stubborness of Super K.

New Debt restructure would take 12 months to be done due the cooperation of the new creditors and shareholder, but Shareholders
would have to appoints the new chairman of BTS Board and participate on debt restructure plan to ensure that the main shareholders could offer IPO and pay hte dividence alogn with the majore extensions.

Now, the 451.5 million US$ Debt held by KfW has been officially transferred to Deutsche Bank AG (LONDON)and Fifth Avenue Capital group
(New York).

The 80 Million US$ Debt heldby IFC [subsidiary of World Bank] hasbeen transferred to Fifth Avenue Capital group (New York)

The 1.5 billion Baht of IFCT (Now TMB) has alreadytransferred to Deutsche Bank AG (LONDON).

SCB still holds 3.2 billion Baht of BTS Debts while Thanachart Asset Management Co.Ltd. has held 2.1billion Baht of BTS Debt
TAMC hasheld 3.85 billion Baht of debt and SICCO has held 0.5 billion Baht of debt ->withotu officialannouncemnt for debt transfers yet.

Mr. Khiree has responsed to the accusationthat Thanayong has held8.8% of stocks that he can make a transfer ot stock to payoff the debts
to creditors such as New World and Credit First Boston (Hong Kong) if he wants to but only after the stock price assessmernt. The debt restructure has caused the delays on stock transfer to the creditors. Furthermore Thanayong coudl payback to thecreditors in cash instread of stocks inth future.

Furthermore, Thyanayong and New World Group are strategic alliance so the stocks transfer isnot a problem after all, sologn that Thanayong is the nominal major shareholders, and it is nto a business for ANYBODY to askhim to do ANYTHING as they please.

[Wisarut]

Now, the pressure from Shareholders have forced Mr. Super K to Stepdown from the position of Chairman in BTS Board of Director. Mr. Khiree has taken over the full responsibility on BTS Debt Restructure :(

REF: Manager Daily, Feb 17, 2006, Bangkok Biznews - Feb 17, 2006

[Wisarut]

Kasem ousted as BTS chairman
The Nation - Feb 17, 2006


A majority of Bangkok Mass Transit System Plc shareholders Thurday voted out Kasem Chatikavanij as the company's chairman, paving way for the company to enter into the business rehabilitation process.

The company's chief executive officer Keeree Kanjanapas told reporters after the shareholder meeting that after the change, BTS will fall under a business rehabilitation process whereby the company expects to strike an accord with creditors to restructure the over Bt40 billion debts.

"We hope that the process could be completed within 6-8 months. The company should then be ready for the initial public offering and pay dividend for the first time in March 2007. If we can't keep the promise, I would resign," Keeree vowed.

[Wisarut]

BTS chairman shown the door
by Watcharapong Thongrung

The Nation - Feb 17, 2006


Shareholders yesterday voted Bangkok Mass Transit System Plc chairman Kasem Chatikavanij from his post, paving the way for the company to enter a business-rehabilitation process.


Chief executive officer Keeree Kanjanapas told reporters after the shareholders meeting that the Skytrain operator expected to reach a deal with its creditors to restructure more than Bt40 billion in debts.

“We hope that the process can be completed within six to eight months. The company should then be ready for an initial public offering and pay dividends for the first time in March 2007. If we can’t keep that promise, I will resign,” Keeree said.

Outgoing chairman Kasem will be replaced by Paul Tong, a representative of CTF Resources Co Ltd – a Hong Kong-based company owned by New World Group, which owns a stake in BTS.

Shareholders also appointed Kin Chang as a director representing Tanayong Plc, which is owned by Keeree.

Shareholders representing 90 per cent of voting rights attended the meeting yesterday, with 70 per cent aligned against Kasem.

Keeree said that Kasem had tried hard to push the company’s debt restructuring in a direction that its creditors opposed.

“That has resulted in a long delay in the restructuring, as creditors have not yet accepted the plan. This change is necessary,” Keeree said.

He said he hopes that once the debt-restructuring deal is finalised, the company will be financially strong enough to bid for the Green Line, one of the 10 mass-transit routes the government plans to accept bids on later this year. The new route will extend the original BTS line.

Tanayong and CTF, which together control more than half of the equity of BTS, expressed displeasure at the meeting that the debt-revamp plan had yet to win creditors’ approval even though it was completed three years ago.

Keeree claimed that most shareholders were upset by the plan endorsed by Kasem, which proposed a 13-year restructuring period, after which shareholders would need to shoulder the remaining Bt27 billion in debt.

Under his plan, he said Tanayong and CTF would propose a large-scale debt-to-equity conversion to clear all debts.

The conversion should be completed and BTS should be ready to sell shares to the public by year-end.

[Wisarut]

Now BTS have lots of headaches on the ABUSES of Student Pass by adults who can afford to pay 30-trip Monthly pass .... Even worse, those abusers REPEAT their sinister acts of passenger fee abuses ....

Therefore BTSC and BMA cononsider the long period of Prison term in Lad Yao Prison (AKA BKK Hilton) for those tcket pass abusers .... :p :rolleyes: ;) :) :p

[TheBeast]

Did the shin corp actually go through with this? perhaps this is why thaksin was able to buy Manchester City

[GWR]

If the last few decades of the SRT are anything to go by, we can doubtless expect very little joy from a government buyout of BTS. It is perhaps also worth noting that this move comes on precisely the same day that the Samak 1 Government is weighing up the possibilities of a partial privatisation of SRT: ;-)
http://www.angkor.com/2bangkok/2bangkok/forum/showthread.php?goto=newpost&t=2667

Government to buy BTS Skytrain for Bt56 billion

BANGKOK, May 4 (TNA) - Prime Minister Samak Sundaravej has endorsed the move to buy BTS Skytrain system with a view to facilitating the more effective management of Greater Bangkok's mass transit system.

The decision was made during a meeting of the Committee for the Development of Mass and Rail Transit last week under the chairmanship of Mr. Samak.

At the meeting, it was resolved that a budget of Bt50 million will be allocated to the Finance Ministry to hire a financial advisor to conduct a feasibility study and assessment of assets and modalities of the takeover.

At this stage, the committee envisaged an investment of Bt56 billion to take over the BTS Skytrain which currently services the central business districts of Bangkok. Several more lines are planned to extend the coverage of the service to the suburbs and provinces around Bangkok, including Nonthaburi, Pathumthani and Samut Prakan.

Mr. Samak believes it is easier to manage the overall system under single ownership. The prime minister reportedly told the committee that the feasibility study will ensure maximum efficiency, as well as
transparency and accountability in the move to take over the BTS Skytrain.

The Public Debt Management Office of the Finance Ministry estimates that the takeover will cost up to Bt56 billion, with nearly 90 per cent of the sum earmarked to purchase debts from creditors and the remainder for the purchase of BTS shares. (TNA)

Business News : Last Update : 20:17:12 4 May 2008 (GMT+7:00)
http://enews.mcot.net/view.php?id=4109

[GWR]

I don't for one minute believe the simplistic profit figures mentioned below. If I have learned anything at all from those who know far more about these things it is that urban mass transit systems are NOT an automatic crock of gold:

BTS affirms plan for early listing on Thai stock market

BANGKOK, May 16 (TNA) – Bangkok Mass Transit System (BTS) president Surapong Laoha-Unya on Friday affirmed the company would proceed with its plan to distribute shares and list on the Stock Exchange of Thailand later this year or early next year.

BTS has already been under a rehabilitation plan since its four retail creditors agreed to withdraw their opposition to the plan.

Should the court approve the plan, the company will implement it.

Under the plan, total debts of around Bt60 billion will be partially repaid by new funds of US$600 million (Bt20 billion) obtained from a new strategic partner.

Some creditors will convert their debt holdings into equities. The overall indebtedness is less then 10 per cent of the company's registered capital of Bt10 billion.

Anat Arpapirom, advisor to the BTS board, said the company had entered into the rehabilitation scheme since January.

The move came after the retail creditors agreed to withdraw their opposition.

It is expected the company would be able to pull out of the rehabilitation scheme within this year. The firm planned to roll over debts for 10 years.

At present, BTS earns revenue of about Bt10 million daily per day with a profit of Bt7 million. The daily management and operations cost is around Bt3 million.

Since the company is the first private-sector electric mass transit operator and has significant debts, it has no choice but to undergo a business rehabilitation process.

However, the company nonetheless has the potential to earn revenue with earnings before interest, depreciation and amortisation of 60 per cent of the revenue.

So, he believed the company would finally pull out of the rehabilitation plan and list on SET. (TNA)-E005

http://enews.mcot.net/view.php?id=4294

[jpatokal]

I don't for one minute believe the simplistic profit figures mentioned below. If I have learned anything at all from those who know far more about these things it is that urban mass transit systems are NOT an automatic crock of gold:
I can believe that BTS has daily revenue of 10 million with operating costs of 3 million, leaving a "profit" of 7 million. However, the article doesn't say what the costs of servicing their debt are, making the "profit" figure rather meaningless...

[Yappofloyd]

BTS debt restructuring on track Bangkokpost 09/08/2008
Ongoing political turmoil is unlikely to affect the debt restructuring plan of Bangkok Mass Transit System (BTS), which is ready to proceed after receiving the green light from Thailand's top court.

The Supreme Court endorsed the plan a few weeks ago after some creditors withdrew their complaints against the restructuring, paving the way for new strategic partners to inject fresh capital into the skytrain operator, said Anat Arbhabhirama, the adviser to the BTS board of directors.

Strategic partners will inject US$600 million for the Bangkok Skytrain operator to complete its restructuring involving debts totalling 65 billion baht. "New investors are in the stage of putting the money into the company," said Mr Anat, but declined to reveal the names of the new partners.

BTS expects to receive approval from the Central Bankruptcy Court to exit the rehabilitation process within this year so that the company can float its shares in the Stock Exchange of Thailand in the first quarter of next year. The public offering was postponed from October of this year because of the delay in debt restructuring.

Mr Anat brushed aside the impact from political tensions generated over the past week between the government and the People's Alliance for Democracy. "The political atmosphere has a minor impact on our business operations," he said. "Even though the political situation is not good, people still have to travel and use transport services."

BTS has excess cash from its operations with earning before interest, taxes, depreciation and amortisation (EBITDA) at 60% of revenue, said Mr Anat. The company, which operates two elevated train routes in central Bangkok, earns between nine million and 10 million baht a day from servicing about 410,000 to 430,000 commuters.

Mr Anat said that ridership on the Skytrain had increased in line with the target of 3-4% growth over last year and is on track to increase to 450,000 a day by year-end. Over the past eight years, ridership has risen by an average of 10% annually. BTS targets a daily ridership increase of 40,000 when the extended route of 2.2 kilometres over Thaksin Bridge begins operating in April next year.

[Wisarut]

I can believe that BTS has daily revenue of 10 million with operating costs of 3 million, leaving a "profit" of 7 million. However, the article doesn't say what the costs of servicing their debt are, making the "profit" figure rather meaningless...

Yeah ... BTS need to spend abotu 5-6 million Baht a day to pay both principle and daily interests to creditors.

[Yappofloyd]

Skytrain firm starts paying B65bn debt New investors due to be named today NAREERAT WIRIYAPONG Bkk Post 06/10/08
Bangkok Mass Transit System (BTSC) will repay its creditors 13 billion baht today as the first step toward clearing total liabilities of 65 billion baht, as it moves to complete its long-delayed business rehabilitation.

According to chief executive Keeree Kanjanapas, the company recently received fresh capital of about $600 million from strategic investors to partially clear its debts. The new investors have became the major shareholder by acquiring an 80% stake in the capital's elevated train operator. Mr Keeree declined to identify the investors pending a formal announcement tentatively scheduled for today.

Under the plan, which was endorsed by the Supreme Court recently, BTS would convert two billion new shares to equity, allowing creditors to acquire about 8-10% of the company's shares. The remaining 10 billion baht would be paid to creditors over eight years, he added.

The company entered into rehabilitation supervised by the Central Bankruptcy Court in 2002. The court approved its plan last year. "After the debt restructuring is completed, our financial status will be strong with very low debt. Now we have cash flow of about six billion baht," said Mr Keeree. "We will be ready to pursue new investment for the extension of the Skytrain routes."

However, BTSC may further delay a plan to float shares on the Stock Exchange of Thailand in the second quarter of next year, if the investment climate remains unattractive at that time. The company has planned to float 15-20% of its existing registered capital is 16 billion baht. The listing has already been postponed from this month as originally targeted to the first quarter of next year, as the company could not complete the debt restructuring as planned.

Mr Keeree said the Skytrain had performed better than the company's expectation so far this year. The number of Bangkok commuters using the BTS system each day has increased by 9% year-on-year, compared to its forecast of 8%, generating revenue of about nine million to 10 million baht daily.

[Wisarut]

Now, BTS said the installation of Singal and system is 50% done -ready fro test run on April 2009. However BTSC is gogin to negotiate wiht Krungthep Thanakhom on the matter of reveneu sharing and the contract on the new secton

[Yappofloyd]

BTSC exits rehabilitation after 10-year restructuring NAREERAT WIRIYAPONG Bkk Post 30/10/08
Bangkok Mass Transit System (BTSC) yesterday completed a debt restructuring that has taken almost 10 years, according to chief executive Keeree Kanjanapas. The Central Bankruptcy Court approved the Skytrain operator's request to exit court-supervised rehabilitation.

With the restructuring of 67.75 billion baht in debt, Mr Keeree becomes the major shareholder of BTSC with 53.65% held by his wholly owned firm, Siam Rail Transport and Infrastructure Limited. The second-largest shareholder is a new strategic investor, a consortium between UK-based Ashmore Investment Management Ltd and Singapore-based Noonbays Asset Management, with 38.5%. The holding of Hong Kong-based New World Group has been diluted to 2.67% from 20% prior to restructuring.

The new consortium and Siam Rail together have committed 12 billion baht to partially clear debts. Creditors will convert debt worth 16.34 billion to equity. Under the restructuring, the company had reduced its liabilities to 10 billion baht from 67.7 billion, Mr Keeree said. adding that the remaining debt would be gradually repaid over eight years. Its creditors are led by Deutsche Bank.

The company's registered capital was now 15.89 billion baht, Mr Keeree said. William Glone, chief financial officer of the consortium, voiced his confidence in the future of the business. "We believe in the strength and commitment of the two funds even now that the world is in the middle of financial crisis," he said. "We are not hesitant ... to inject the money into BTS to complete the restructuring." BTSC has postponed several attempts to list on the Stock Exchange of Thailand but Mr Keeree said the company now expected to be ready to file an initial public offering plan within this year.

He also said the new partners hoped to begin investing next year in a BTS extension in Bangkok and in rail systems in two other countries in Asia, which he declined to identify. The company also intends to invest in property projects along the BTS lines through the new company, in which BTS will hold a maximum of 50% of the registered capital of five billion baht. Mr Keeree expressed confidence that the company could secure funds despite the poor financial climate, adding that it had 7.6 billion baht in cash on hand.

For its fiscal year ending in March 2009, the company expects net profit to reach 22 billion baht. "With our net cash [after interest] from operations of five million baht daily, we see nothing to worry about, either in the extension of the BTS in Bangkok or overseas," Mr Keeree said. Mr Glone added: "All [new investors] are ready to invest in the new projects."

[The Enforcer!]

the extension of the BTS in Bangkok or overseas

Looking forward to the Light Green Line extending to Singapore and the Dark Green to China.

The Enforcer!

[Wisarut]

Political Football bwetween BMA and Central government on who have full right to implement BTS Extension goes on and on
http://www.manager.co.th/QOL/ViewNews.aspx?NewsID=9510000130960

[Wisarut]

Now even PPP men within the Cabinate are up AGAINST AI Santi's plan to grab Phaholyothin Extension along with Paknam Extension of BTS and transfer to MRTA due to the failture to pass EIA as well as the fear of Vedetta from Bangkokian Voters.

AI Santi still insists that he can call biddings while doing EIA.

http://www.matichon.co.th/matichon/view_news.php?newsid=01eco01121151&sectionid=0103&day=2008-11-12

[ncr]

Political Football bwetween BMA and Central government on who have full right to implement BTS Extension goes on and on
http://www.manager.co.th/QOL/ViewNews.aspx?NewsID=9510000130960กทม.ขอร่วมดูแลรถ ไฟฟ้า เฉ่ง! รัฐบาลไม่เชื่อมสายสีเขียวที่หมอชิต (= Government will not connect green line at Mo Chit)

What does that mean? (And what is เฉ่ง? Slang word? Is the first sentence something like "BMA's idea to jointly manage Skytrain rejected?")
Khun Wisarut, could you kindly translate/summarize this article?

[Wisarut]

กทม.ขอร่วมดูแลรถไฟฟ้า เฉ่ง! รัฐบาลไม่เชื่อมสายสีเขียวที่หมอชิต (= Government will not connect green line at Mo Chit)

What does that mean? (And what is เฉ่ง? Slang word? Is the first sentence something like "BMA's idea to jointly manage Skytrain rejected?")
Khun Wisarut, could you kindly translate/summarize this article?

BMA ginging a Bad Rap toward the Central Governemtn who REFUSE to build the extension across Lad Phrao Intersection to connect with Mochit Station... the Central Government is askign BMA to take charge on the section across Lad Phrao Intersection INSTEAD.

This is a Politcal Football which real;ly holding Bangkokians a hostage.