Airports of Thailand

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In March of 2004, state-owned Airports of Thailand PCL (AoT) sold a 30% stake or 412.57 million shares in an IPO on the Stock Exchange of Thailand (SET) to raise THB17.33 billion (US$439 million). The Finance Ministry, which retained the 70% stake, sold 58.7% of the offered shares to local investors and the remaining 41.3% to foreigners. The portion for local retail investors was oversubscribed 8.5 times, while the portion for local and foreign institutional investors was oversubscribed as much as 18 times. AoT, registered as a corporation in September 2002, operated five airports in Thailand, which were Bangkok International Airport, Chiang Mai International Airport, Chiang Rai International Airport, Phuket International Airport and Hat Yai International Airport. The company's sixth airport, New Bangkok International Airport, or Suvarnabhumi, was scheduled to open in September 2005 and was expected to provide a further boost to earnings. Proceeds from the IPO were to be used to fund construction of the new airport. About 61% of AOT's revenue came from landing and passenger fees, with the rest provided by concessionary cargo and ground services and rents for office space. None None