ANNOUNCEMENT 30 Aug 2011In August 2011, the government of Thailand announced changed rules for foreign investors.
NUMBER OF INTERVENTIONS
On 30 August 2011, the National Broadcasting and Telecommunications Commission (NBTC) of Thailand published a notification in the Royal Thai Government Gazette restricting foreign ownership of the country's telecommunications businesses.
The notification states rules for current as well future licenses on handling of telecommunications services provided over their networks. Furthermore, the measure includes restrictions on shareholding by foreigners or their agents, use of nominees, holding of shares with special voting rights, having direct or indirect control over the board of directors, licensing, joint investments etc.
Involvement of foreign individuals/enterprises has to be annually reported to the NBTC, which is responsible to check for any violation of the rules. Violating the rules may lead to penalty or even revocation of the license.
The notification came into effect on 31 August 2011.