The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Thailand - Skytrain furore is test case

Author: Gill Baker

    Bangkok's Skytrain mass transit system opened to the public on December 5 - a monumental structural achievement that very nearly came off the rails at the last minute amid rows over share ownership.

Credit Suisse First Boston now finds itself the largest shareholder in the build-operate-transfer company Bangkok Mass Transit System Company (BTSC), and came within a hair's breadth of ending up with majority control after a fierce battle to foreclose on the debts of a Thai borrower.

The train system now seems to be running smoothly after some initial chaos over ticketing, complaints by Thais about the lack of music in carriages and motion sickness - possibly because of unfamiliarity with moving at such speeds across the traffic-clogged city.

The ride for the BTSC concessionaire has been less congenial, however, after its parent company, listed property developer Tanayong, pledged some of its shareholding in the project as collateral against bank loans to CSFB and others, including Bank of China, Dah An Commercial Bank, Grosvenor Far Eastern Selective Fund, the Industrial and Commercial Bank of China, Kwangtung Provincial Bank and Shanghai Commercial and Savings Bank.





You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree