Quickbites

Thai Airways selloff planned by GovtThailand's Finance ministry will submit a plan to the cabinet to sell its stake in Thai Airways Internat...

Thai Airways selloff planned by Govt

Thailand8217;s Finance ministry will submit a plan to the cabinet to sell its stake in Thai Airways International Plc., an official source said. Ministers will consider the national carrier8217;s proposal at their regular weekly meeting Tuesday, a government official said on condition of anonymity. The official said the Finance ministry8217;s plan stated the total sale would be 380million shares, of which 280 million belong to the Finance ministry8217;s holding and the balance newly-issued shares.

The sale will come in the form of a private placement, the official said, adding that after the sale the government8217;s holding in the airline will be 67.9 per cent. The privatisation of state-owned enterprises is one of the requirements of Thailand8217;s agreement with the International Monetary Fund in return for 17.2 billion dollars in bailout funds arranged last year.

US, Argentina sign satellite accord

The United States and Argentina signed an agreement Friday to allowvideo, voice and data to be beamed into their territories by satellite. The accord and a related protocol will allow consumers from both countries to receive video programming, broadband and other telecommunications services, a State Department statement said. The agreement will also quot;provide significant benefits for US and Argentine consumers in the form of lower prices, improved service quality and more innovative serv ice options,quot; according to the US statement. Assistant Secretary of State for Economic Affairs Alan Larson and William KennarD, Chairman of the Federal Communications Commission FCC, signed the agreement on behalf of the United States.

Rhone Poulenc to sell Rhodia shares

Rhone Poulenc said it was about to put almost one third of shares of Rhodia, its chemical specialities subsidiary, onto the market, at a price of between 115 and 140 French francs per share. The company said in a statement that the process to float some 30 percent of Rhodia capital would begin Monday with theshares to be quoted on the stock exchange on June 25 simultaneously in Paris and in New York.

Rhone Poulenc President Jean-Rene Fourtou said that quot;today, it would not be in the interests of Rhone Poulenc shareholdersquot; for Rhone Poulenc to cede its entire stake in Rhodia, whose potential for growth quot;is strongquot;. Fourtou said a maximum of 3.5 million shares would be reserved for workers and former workers of Rhone-Poulenc SA and of companies in which the group had a stake of more than 50 per cent. Rhodia, a new independent entity of the Rhone-Poulenc group, achieved a turnover in 1997 of 37 billion francs about 7.4 billion.