TMN targeted for liquidation
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The Transport Ministry will seek Cabinet approval this month to wind down state-owned holding company Thai Maritime Navigation.
The liquidation, which would take one year, would see the company’s business transferred to the Finance Ministry.
The Merchant Marine Promotion Committee proposed the plan during the Abhisit Vejjajiva administration.
Deputy Transport Minister Chatt Kuldiloke said yesterday that the plan approved by the previous Cabinet had been carried further.
Thai Maritime Navigation is a holding company wholly owned by the Finance Ministry. It formed a 30:70 joint venture with 23 companies under the Thai Ship Owners Association; the JV is called TMN Co.
TMN generates an average profit of Bt20 million per year.
Chula Sukmanop, inspector-general of the Transport Ministry and managing director of Thai Maritime Navigation, said TMN had cash on hand of Bt150 million and also some debt, which has come under the legal process. The company does not have many employees, which will facilitate the ministry’s strategy.
“The plan will allow the Finance Ministry to become a shareholder of TMN. If approved by the Cabinet, Thai Maritime Navigation will call a shareholders’ meeting to complete the liquidation to end the operation” of the holding company, Chula said.
The change will facilitate TMN’s management and operation as a private company with the Finance Ministry as one of the shareholders.
The strategy will strengthen the Thai maritime business to compete well with foreign shipping lines. TMN is a key operator, as it manages oil transport for PTT.
