The Thai government last week finally approved the sale of a 23% stake in Thai Airways International, but investors remain sceptical an offering is on the horizon.
Most people have got bored waiting for this transaction, says one analyst, adding that lead manager Credit Suisse First Boston was appointed over a year ago.
The government sold a 7% stake in Thai Airways via an initial public offering at 60 Bt a share in 1992 and has been talking about further reducing its 93% holding almost ever since.
Interference by the Thai military and frequent changes of government have kept sale attempts at bay for much of this time as have pricing concerns, which remain...
