Thailand's Stocks: What's Going On Here?

As many Thai companies restructure, stocks still slide

TelecomAsia seems to be making all the right moves to recover from the Asian crisis. In September, the Bangkok telephone operator used proceeds from the sale of a stake in a subsidiary to pay $40 million of its $841 million in dollar-denominated debt. With the help of partner Verizon Communications, it has cut costs and renegotiated loans. Thanks to growth in the local wireless and fixed-line markets, revenues for the second quarter were $114 million, up 36% from 1999. "We're performing very well," says John Doherty, executive vice-president for finance.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.