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Rungson Sriworasat, permanent secretary of the Finance Ministry, attended the signing ceremony of the articles of agreement of the Asian Infrastructure Investment Bank (AIIB) and a special meeting on Monday in Beijing to consider the preparations for the AIIB’s start-up and its operation procedures towards the end of the year.

This included a discussion on the process for selecting a president-designate before the bank is officially in operation.

At the ceremony, 50 countries signed the articles of agreement. Those countries that are still subject to internal processes, including Thailand, were unable to sign but can still do so before the end of 2015.

For Thailand, as the AIIB will be a newly established international organisation, a relevant law needs to be enacted to support the bank’s operation.

As a result, the agreement requires the approval of both the Cabinet and the National Legislative Assembly. Rungson said this would take a month or two.

Thai TV sues NBTC

Thai TV Co yesterday sued the broadcasting regulator for Bt700 million in compensation for its alleged failures in overseeing the transition to digital television.

The company is also seeking an injunction against administrative orders from the National Broadcasting and Telecommunications Commission.

Thai TV Co decided to give up of the digital-TV business by refusing to pay the remaining instalments of its up-front licence fees, amounting to Bt1.6 billion, and annual fees for its two licences.

The company also wanted to relinquish its two licences to run the Thai TV news channel and the Loca family channel.

TCFP takes Batico stake

TC Flexible Packaging Co, a subsidiary of SCG Packaging, has spent Bt1.5 billion to acquire an 80-per-cent stake in Tin Thanh Packing Joint Stock Company (Batico) from the existing shareholders, according to the company’s report to the Stock Exchange of Thailand (SET) yesterday.

sweet deal for growers

The Cabinet yesterday agreed to assist sugar-cane growers in the 2014-15 production season by allowing the Cane and Sugar Board to arrange loans totalling up to Bt500 million a year to alleviate the adverse impact of drought.

Each sugar-cane grower can apply for a loan of a maximum of Bt500,000 at 2-per-cent interest per annum for a period of four years.

channel for seniors

RS is investing Bt100 million to establish a new satellite channel, Ploen TV, targeting the nation’s elderly viewers.

The company estimates that it will break even within two years of operations, chief operating officer Pornpan Techarungchaikul said yesterday.

True CEO wins new post

Suphachai Chearavanont, president and chief executive officer of True Corp, was recently appointed as the new president of the Telecommunications Association of Thailand.