TRIS Rating Announces Change in SHIN’s Major Shareholders Has No Immediate Impacts on SHIN’s and ADVANC’s Ratings

TRIS Rating Co., Ltd. announces today that the change in major shareholders of Shin Corporation PLC (SHIN) should not immediately affect the ratings and outlooks of SHIN and its subsidiary, Advanced Info Service PLC (ADVANC). This announcement is placed after SHIN declared on 23 January 2006 that SHIN’s major shareholders, the Shinawatra and Damapong families, sold their combined 49.5% stake to Cedar Holdings Co., Ltd. and Aspen Holdings Co., Ltd., whose shares are held by Temasek Holdings Pte, an investment holding company from Singapore. Temasek is also the major shareholder of Singapore Telecommunications Limited (SingTel), which currently holds a 1.5% stake in SHIN and a 19.3% stake in ADVANC. To comply with the Securities and Exchange Commission’s (SEC) regulatory requirements, both Cedar and Aspen are obliged to make a tender offer for all shares of SHIN. These two firms also made a voluntary tender offer for the outstanding shares of ADVANC. It is the opinion of TRIS Rating that the change in major shareholders of SHIN should not immediately impact the ratings and outlooks of SHIN and ADVANC, the leading mobile operator in Thailand, in which SHIN holds a 42.9% ownership position. TRIS Rating expects that this change is not likely to result in a significant change to the credit profiles of SHIN and ADVANC unless the new shareholders change SHIN’s business strategy, operations, or financial strategy. However, TRIS Rating will continue to monitor the change in SHIN’s ownership and the effect of any possible changes in the company’s business direction. SHIN has been assigned a “AA-” company rating with “stable” outlook, while ADVANC has been assigned “AA” company and issue ratings with “stable” outlook from TRIS Rating. End.

• ข่าวAdvanced Info Service
• ข่าวTemasek Holdings
• ข่าวo:event
• ข่าวo:eco
• ข่าวo:fin