Thais Want to Recover Shin Satellite

The Thai military government wants the satellite assets of Shin Corp. back in domestic hands, but will Singapore's Temasek sell?

Just one year after the Singapore government's investment arm, Temasek Holdings, acquired a controlling stake in Shin Corp. from the family of former Thailand Prime Minister Thaksin Shinawatra, it looks as though the group may be prepared to unload some of its holdings.

Yet another reason Temasek might want to reconsider its investments in Thailand has been the difficulties facing iTV, the private broadcaster in which Shin Corp holds 53%. The latest setback for the company came on Feb. 22, when the courts rejected its appeal against $2.8 billion in fines and concession fees in arrears that were slapped on iTV last May, shortly after Temasek took control of Shin. Shares of iTV have fallen nearly 90% since then.

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