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  1. #1
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    BTS to air debt-refinancing plan

    SKYTRAIN OPERATOR
    BTS to air debt-refinancing plan


    Skytrain operator Bangkok Mass Transit System (BTS) is to seek creditors' approval of a Bt60-billion debt-refinancing plan at the end of this month and is expected to list on the Stock Exchange of Thailand in next year's second quarter.



    CEO Keeree Kanjanapas said the meeting with creditors would take place on November 29, with the plan sent to the Central Bankruptcy Court afterwards.

    In August, creditors controlling 72.88 per cent of the company's Bt60 billion worth of debts voted in favour of Keeree's proposed draft-rehabilitation plan. "After the company leaves the rehabilitation plan, we expect to raise funds through an initial public offering (IPO) in the first half of next year," said Keeree.

    "After the rehabilitation plan, the firm's financial status will be more stable. The plan will include a decrease in registered capital before increasing registered capital. After finishing the rehabilitation plan and raising funds through the IPO, the company's accumulative loss will be gone. Investors in BTS stock will definitely receive a dividend payment."

    BTS's creditors include Deutsche Bank London, Bt25.2 billion; Thailand Asset Management, Bt6.77 billion; Siemens, Bt5.1 billion; Siam Commercial Bank, Bt4.6 billion; and International Finance, Bt250 million.

    Keeree said BTS had asked the court to purchase 12 more locomotives, because the existing 35 were not sufficient to meet existing needs. The purchase is also intended to support the expansion of the BTS system into Thon Buri next year.

    "When buying the locomotives, it takes more than two years before they finally arrive here. The company needs about US$90 million (Bt3.28 billion) for the locomotive investment. Part of the funds will be from a five-year loan," said Keeree.

    The Skytrain now serves 450,000-500,000 commuters a day on average, up from 100,000-200,000 in the earlier years of operation. BTS expects 10-per-cent growth next year.

    Keeree commented that the fares, which are set to rise on December 1, follow the framework of the concession contract signed with the Bangkok Metropolitan Administration. The contract stipulates that fares are to be in the range of Bt15 to Bt45. However, the company considered at the time that the economy was not in good shape, so it charged only Bt10 to Bt40.
    "BTS has 35 per cent more expenses to cover, and higher ticket prices don't cover all of them. I believe passengers will understand," Keeree said.
    source: BTS to air debt-refinancing plan

  2. #2
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    Quote Originally Posted by William
    Keeree said BTS had asked the court to purchase 12 more locomotives, because the existing 35 were not sufficient to meet existing needs.
    About fucking time, you would think they would have planned buying them earlier with everyone now taking the BTS

  3. #3
    ding ding ding
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    Quote Originally Posted by BTS View Post

    Investors in BTS stock will definitely receive a dividend payment."
    Doesn't say which century?

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