Intouch Holdings

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Intouch Holdings
Holding company
(Public)
Traded as SETINTUCH
Industry Technology
Founded 21 June 1983; 34 years ago (1983-06-21)
Headquarters Chatuchak, Bangkok
Key people
Virach Aphimeteetamrong (Chairman of the Board)
Revenue Decrease 24.74 billion baht (2016)
Increase 16.39 billion baht (2016)
Total assets Decrease 54.60 billion baht (2016)
Parent Temasek Holdings (42%)
Subsidiaries Advanced Info Service, Thaicom, High Shopping, ITAS, Invent
Website intouchcompany.com

Intouch Holdings PLC (Thai: บริษัท อินทัช โฮลดิ้งส์ จำกัด (มหาชน); formerly Shin Corporation) is a Thai holding company which focuses on telecommunication industry. It is the parent company of Advanced Info Service (AIS), the largest mobile phone operator in Thailand, and Thaicom, Thailand's satellite operator. It is listed in the Stock Exchange of Thailand and is part of SET50 index.

The company was founded as "Shinawatra Computer Service and Investment" by Thaksin Shinawatra, who later became the Prime Minister of Thailand. The sale of Shinawatra family's stake in Shin Corporation to Singapore's Temasek Holdings in 2006 sparked controversy, which intensified the anti-Thaksin movement.

Shin Corporation rebranded itself to Intouch in 2011, including its new stock symbol, but did not officially change its registered name until March 2014.

History[edit]

The early years, 1983–2006[edit]

The company was founded in 1983 as Shinawatra Computer Service and Investment by Thaksin Shinawatra, future Prime Minister of Thailand. The company changed its name in 1999, drawing the name "Shin" from the first four letters of Shinawatra's last name. The company grew tremendously under the leadership of Shinawatra.[1]

For its services, it received the Royal Warrant on 11 June 2004, which gave it permission to display the royal Garuda emblem.[2]

Divestment and transition to InTouch PLC, 2006–2011[edit]

On 23 January 2006, the Shinawatra family sold its 49.6 percent stake in the company to nominees of Temasek Holdings, the Singapore government's investment arm, for US$1.88 billion.[3] The 2006 sale of the Shinawatra family's share caused controversy in Thailand. The sale was in response to criticisms that the Shinawatra family's holdings created a conflict of interest for Thai Prime Minister Thaksin Shinawatra. Critics of the sale focused on allegations that the transaction was exempt from capital gains tax, that a Thai company was sold to a Singaporean company, and that a Thai law regarding foreign investments in the telecom sector had been amended just prior to the sale.

The company is linked by stock control to companies including Shin Satellite and Advanced Info Service. It also holds stakes in Thai AirAsia, an airline company, and ITV, a local television station.

The company's operations are divided into three lines of business: wireless telecommunications; satellite and international business; and other businesses.

InTouch PLC, 2011–present[edit]

On 1 April 2011, the company changed its logo and symbol on Stock Exchange of Thailand to (SETINTUCH)[4]

Wireless telecommunications[edit]

Advanced Info Service (logo).png

Advanced Info Services PCL (SET:ADVANC, common name: AIS)[edit]

Thailand's largest mobile operator, AIS was originally granted a 20-year mobile concession by the Telephone Organization of Thailand (TOT) on 27 March 1990. On 26 September 1996, an additional five years was granted to extend the concession life to 25 years.[citation needed] The memorandum of agreements is based on the "build-transfer-operate" (BTO) principle. AIS's products include: GSM Advanced Evolution (Postpaid, 900 MHz), GSM 1800 (Postpaid, 1800 MHz), One-2-Call (Prepaid, 900 MHz), Swasdee (Prepaid, 900 MHz) and Mobilelife (mobile content services).

Satellite and international business[edit]

Thaicom PCL[edit]

Thaicom (SETTHCOM) was originally called Shinawatra Satellite. It was founded in 1991 after it was granted a license from Thailand's Ministry of Transport and Communications to launch and operate satellites. King Bhumibol Adulyadej provided the name "Thaicom" for the satellite series.

Thaicom has launched 8 satellites: THAICOM 1, THAICOM 2 and THAICOM 3 have been de-orbited. THAICOM 4 (more commonly known as IPSTAR), THAICOM 5, THAICOM 6, THAICOM 7 (ASIASAT 6) and THAICOM 8 are in service.

Other businesses[edit]

High Shopping[edit]

High Shopping is a home shopping business in Thailand which advertises and distributes its products via TV channels, mobile phones and online platforms. High Shopping is a venture between InTouch Media and Hyundai Home Shopping Network Corporation with a stake of 51% and 49% respectively The business has a registered capital of 500 million Baht.

IT Applications and Services Company Limited (ITAS)[edit]

ITAS was first established in January 2000 to provide application services for Shin Corporation and its subsidiaries. After being certified as a SAP National Implementation Partner, ITAS has offered its services to external customers and from then on ITAS has added more to its E-business products and services.

Invent[edit]

Invent, a corporate venture capital project of InTouch Holdings, was founded in 2012. Invent focuses on investing in start-up businesses related to telecommunication, media and technology.

Lawsuit[edit]

On 16 July 2003, Thai Post published comments from media rights advocate Supinya Klangnarong who said that the Shin Corporation, at the time when the majority was owned by the family of Thai Prime Minister Thaksin Shinawatra, had benefited because of favorable policies by the Thaksin government. Shin Corporation sued Klangnarong and Thai Post for libel in Criminal Court and sought 400 million baht in compensation.

After the Thaksin family sold its shares in Shin Corporation to Singapore's Temasek Holdings, the company offered to drop the lawsuit on the condition that Klangnarong apologize for her comments. Klangnarong refused the offer.

On 14 March 2006[5], the Criminal Court threw out the lawsuit, saying the article in Thai Post was presented in good faith and in the public's best interest. On 8 May 2006, Shin Corporation asked that the lawsuit be withdrawn. Neither Klangnarong nor Thai Post had objected.

[edit]

See also[edit]

References[edit]

  1. ^ "Shin to be officially renamed to "Intouch" - The Nation". The Nation. Retrieved 2018-01-24. 
  2. ^ "Shin Corporation celebrates its 21st anniversary with the highest honor from the royal palace". Bangkok: Shin Corporation. 25 June 2004. Retrieved 13 January 2011. On this auspicious occasion of being granted the Royal Appointment, the Group's board of directors, the management, and staff are overwhelmed by the kindness of His Majesty the King. To express our gratitude to His Majesty, we all vow to devote ourselves wholeheartedly to our jobs, and to operate our business with honesty and loyalty, in order to help develop the country and improve the living standards of the Thai people. (Mr. Bhanapot Damapong, Chairman of the Board of Shin Corporation PLC) 
  3. ^ "Singapore's Temasek expands corporate empire with Thai purchase". Manager Online. 1900-01-01. Retrieved 2018-01-24. 
  4. ^ "Change of company symbol for "SHIN"". Stock Exchange of Thailand. 1 April 2011. Retrieved 10 May 2011. 
  5. ^ Corben, Ron. "Thai Media Pressured Under Military Rule". VOA. Retrieved 2018-01-24.