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The American Chamber of Commerce in Thailand
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Privatization

Other than the Petroleum Authority of Thailand (PTT), the Airport Authority of Thailand (later renamed Airports of Thailand (AOT)) and the Mass Communication Organization of Thailand (MCOT), few significant privatizations have occurred. The 1999 State Enterprise Corporatization Act provides the framework for the conversion of state enterprises into stock companies, and corporatization is viewed as an intermediate step toward eventual privatization. (Note: "Corporatization" describes the process by which an SOE adjusts its internal structure to resemble a publicly traded enterprise; "privatization" means that a majority of the SOE's shares are sold to the public, and "partial privatization" refers to a situation in which less than half a company's shares are sold to the public.) The current State Enterprise Policy Office under the Ministry of Finance does not have power to regulate all SOEs, but the Ministry of Finance is in the process of drafting a comprehensive bill to set up a new regulatory and policy body to supervise all SOEs including those that have been partially privatized.