Telenor seeks partners for Thai carrier

Norway's Telenor is seeking local partners for Thai Telco Holdings, which is a part owner of United Communication Industry (Ucom), a source close to Ucom shareholders, quoted by Thai paper The Nation said.

'The potential buyers can be local financial institutions or [other] serious investors,' the source said.

The Norwegian telecom giant hopes that a new local shareholders would make Ucom "safe" from the controversy surrounding foreign nominees, The Nation report further said.

Thai Telco is among 13 companies under investigation by Thailand's Commerce Ministry committee for possibly violating the foreign business law by acting as nominees for foreign investors.

The probe started with Kularb Kaew, Cedar Holdings, Aspen Holdings and Cypress Holdings, all of which were directly or indirectly involved in the takeover of Shin in January by Singapore's Temasek Holdings, the report said.

In the year 2000, Telenor bought 24.8% of Ucom and 30% of DTAC through its subsidiary Telenor Asia.