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TELECOMASIA CORPORATION PUBLIC COMPANY LIMITED
In the short space of four years since its inception in November 1990 with registered capital of Baht 1 billion, currently Baht 22.5 billion, TelecomAsia has grown to be one of the highest market capitalized companies on the Stock Exchange of Thailand. The Company is now engaged in constructing one of the largest privately-funded infrastructure projects in the world, second in size only to the Channel Tunnel. It covers almost all aspects of modern telecommunications business and is active in both Thailand and other countries across Asia. A review of its brief history and operations shows how this was all made possible.
Background
Thailand, in recent years, has been consistently ranked by international institutions as having one of the fastest growing economies in the world. Bangkok, its capital city, with a booming population and vibrant economy, acts as the economic and communications hub of the country and the region.
In today's global economy, the key to the development of a modern and prosperous economy lies in the availability of a modern and efficient telecommunications network. The massive economic growth which Thailand has enjoyed has placed a heavy strain on existing infrastructure and services. The number of telephone lines in the Bangkok Metropolitan Area in 1990 was 12 lines per 100 persons, (one fifth the level of the U.S.) And the waiting list for new lines over 1 million. To meet the telecommunications requirements of the country, the Telephone Organization of Thailand ("TOT") made the decision to enlist the cooperation of the private sector in the investment, construction and point operation of 2 million telephone lines in the Bangkok metropolitan Area ("BMA").
On August 2, 1991 TelecomAsia signed a 25 year Concession Agreement to "Build-Transfer-Operate" ("BTO") 2 million telephone lines in the Bangkok Metropolitan Area. Throughout the Concession period the Company is responsible for the operation and maintenance of the network jointly with the TOT. The project is the first in which the private sector has been entrusted by the government to develop the telecommunications infrastructure of the country, and represents a turning point in the attitude of the government. TelecomAsia is proud and honored to have been awarded the contract and is firmly committed to accomplishing the task to the highest standards of quality and integrity.
With the goal of making Thailand the commercial and communications hub of Southeast Asia, TelecomAsia is working in partnership with world-class telecommunications companies and equipment suppliers from Europe, the U.S. and Asia, to procure state-of-the-art equipment and telecommunications expertise.
Construction on the project began in 1992 and since the beginning TelecomAsia has succeeded in installing and transferring telephone lines to the TOT at a significantly faster rate than was required under the Concession. Moreover, in constructing the network, the Company has used state-of-the-art fiber optic systems in order to lay the foundation for the information Superhighway of the future, which will transform the way in which people communicate. Through the provision of the most advanced telecommunication technology and world-class value added services to the Thai people, it is intended to provide Thailand with potential to become the communications hub of the region.
Capital Resources
In 1992, TelecomAsia changed its status to become a public company and increased its registered capital to Baht 20 billion. On August 16, 1993, in Hong Kong, some of the world's leading banks and financial institutions signed loan agreements with TelecomAsia for US$1.9 billion (Baht 47.5 billion) in credit facilities. Of the total loan, US$1.04 billion was sourced on shore through 23 financial institutions including Thailand's largest banks--Bangkok Bank, Krung Thai Bank, Thai Farmers Bank, and the Siam Commercial Bank.
These large combined credit facilities have made TelecomAsia's telephone project the second largest privately funded infrastructure project in history, with and estimated cost of Baht 62.5 billion (US$2.5 billion), thus demonstrating the confidence with which the domestic and international financial community views the prospects for the Company.
With virtually unlimited potential to provide a whole range of value-added telecommunication services throughout the region. TelecomAsia decided to offer its shares to the public in 1993. The Initial Public Offering, following and international roadshow for potential investors, was an unqualified success, and further strengthened the Company's position in the international telecommunications arena. In December 1993, TelecomAsia's stock began trading domestically on the Stock Exchange of Thailand and internationally in the form of Global Depositary Receipts.
Having established a very strong and stable financial base, TelecomAsia is now wellpositioned to pursue its objective of providing the people of Thailand with world-class telecommunication services, thus enabling the country to reinforce its leading role as the commercial and communications hub of Southeast Asia. TelecomAsia is proud to be involved in Thailand's national development and its role in supporting one of the economic tigers of the region.