The State Railway of Thailand (SRT) on Thursday signed an agreement with its asset development subsidiary to manage its assets and generate income through various land development projects.
It will now start transferring its assets to SRT Asset Co, which was registered on April 30, SRT governor Nirut Maneephan said.
To start, the SRT will hand over 75 contracts worth 1.64 billion baht to the subsidiary and the transfer is expected to be completed by the end of next month, he said.
“The assets will be transferred gradually and we expect all 12,839 contracts worth 3.16 billion baht to be transferred by the middle of next year,” he said.
According to Mr Nirut, the agreement marks the beginning of asset management reform within the debt-ridden SRT in line with a cabinet resolution in September last year.
It is hoped the subsidiary will generate revenue for the SRT in compliance with the rehabilitation plan approved by the State Enterprise Policy Commission, he said. According to Mr Nirut, the subsidiary can also initiate asset development projects such as leasing or purchasing land plots for development or joint developments with partners to help the state enterprise reverse its losses and build financial stability.
The agreement signing between Mr Nirut and SRT Asset Co’s acting manager general Traithip Siwakritkul was witnessed by SRT board chairman Jirut Wisanjit and SRT Asset chairman Amnuay Preemonwong.
- Investec Asset Management demerger on track, to rename as Ninety One
- Avendus Capital open to acquisition in asset management space: Alok Vajpeyi, Chairman
- JP Morgan Asset Management upgrades equities outlook
- Cuco Inks Seven-Figure Deal With Interscope After Lengthy Courtship, Bidding War: Exclusive
- Exclusive: UniCredit clinches deal to cut exposure to Turkish lender Yapi Kredi - sources
- RPT-EXCLUSIVE-UniCredit clinches deal to cut exposure to Turkish lender Yapi Kredi - sources
- Paulson's gold investor group urges deals, costs purge
- Rare earth mineral deal inked by US and Australia — what does that mean?
- Shares stumble as China-US row over Hong Kong clouds trade deal outlook
- Shares stumble as China-U.S. row over Hong Kong clouds trade deal outlook
- Note ban, mega deals shaped India's realty segment
- ZEE promoters to sell 16.5% stake to financial investors via block deal
- Tax deal between BHP and ATO ends one fight, but another awaits
- Vet on Call: Know the risks of biological assets
- Football Manager 2019: Inside the video game that has more scouts than Manchester United and FIFA 19
- We like pharma selectively, hospitals offer deep value: Rahul Chadha, Mirae Asset
- Ray J Signs $1 Million Deal to Get People to Invest in Weed Industry
- Aurobindo Pharma acquires dermatology business from Sandoz in a $900 million cash deal
SRT, subsidiary ink asset management deal have 417 words, post on www.bangkokpost.com at September 10, 2021. This is cached page on Auto News. If you want remove this page, please contact us.