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SRT to transfer over 10,000 land rental contracts to new subsidiary

Sep 30. 2020
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The State Railway of Thailand (SRT) will start transferring over 10,000 land rental contracts to its asset development subsidiary, including lands that the SRT is planning to develop for commercial use and commercial areas at train stations nationwide.

The Cabinet had recently approved the setting up of an SRT subsidiary to manage its assets.

SRT deputy governor for the asset management business, Worawut Mala, said: “We will gradually transfer the contracts in small numbers as the newly established subsidiary needs time to recruit additional personnel to handle the workload,” he added. “Some of the personnel from SRT’s asset management department will be moved to the new company, but not transferred. They will have to go through an application process and pass the screening test.”

Worawut explained that the new subsidiary would be a new state enterprise with different hiring regulations and salary structure from those of SRT, while the screening test will ensure that the personnel have suitable knowledge and experience to work in this field. “The company also will recruit new personnel who are non-SRT former employees to strengthen its workforce,” he added.

“After all the non-core land contracts are transferred, the next step is to transfer the contracts of big plots that have significant commercial value, such as Block A at Bang Sue station which is worth an estimated Bt10 billion, and the lands at Mae Nam station,” added Worawut.

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