Telecom executives are crossing their fingers in hopes that the long-delayed auction of third-generation wireless licences, due to take place next month, will finally come to fruition.
If successful, all three leading mobile operators will have the opportunity to escape the shackles of their current concession contracts and move forward with new investments to modernise the country's increasingly overloaded mobile networks.
But considerable uncertainties remain, including the prospect of court challenges against the largest operators about whether their shareholding structures are in compliance with Thai law.
Market leader Advanced Info Service (AIS) counts Singapore Telecom as its largest single shareholder, while Total Access Communication (DTAC) is controlled by Norway's Telenor.
Some suggest that True Move, the third-largest mobile operator, may well have an incentive to delay the 3G auction, considering that the company in 2010 sealed a deal with its concession owner CAT Telecom to operate a 3G network using the 850-MHz frequency.
But True Move boss Suphachai Chearavanont dismissed such allegations.
"Don't try to make us a scapegoat," said Mr Suphachai, the chief executive of True Move's parent, True Corporation.
"We're 'the usual suspects'. The fact is our own mobile concession is set to expire within the next 12 months."
Mr Suphachai stressed that as a private operator, True has no authority to influence any 3G auction delay.
"We're now ready and eager to bid for both 2.1-gigahertz and 1800-MHz licences to operate 3G service and continue our 2G service after our concession expires," he said.
True, through its three subsidiaries True Move, Real Move and Real Future, picked up application forms for the 3G licensing auction last week.
AIS, through its three subsidiaries and DTAC's two subsidiaries, has also taken application forms.
Potential bidders must submit their applications on Sept 28 and provide a bank guarantee of 1.35 billion baht.
Chief financial officer Noppadol Dej-Udom said that True will spend at least 10 billion baht to build the 3G network on the 2.1-GHz frequency. The first phase will mainly be in Bangkok and major provinces.
The company's existing 3G, under the True Move H brand, will be especially for customers in the provinces, he said.
True has 10 billion baht in cash on hand.
Mr Suphachai said True's financial health has significantly improved. The company has the ability to raise funds, considering its current debt-to-EBITDA ratio of 1:3, compared with 1:13 during the 1997 financial crisis.
"Don't underestimated us. We have prepared enough money to pay for the bid and support our 3G investment plan," said Mr Suphachai.
He said True is likely to settle a deal with a strategic partner, potentially in Asia or Europe, to assist in 3G technical expertise and financial support.
"We will choose the partner who offers us the highest share value. It must agree with our convergence policy," he said.
True would limit any foreign partner to no more than 25% in the venture to encourage flexible management.
Mr Suphachai also said True would shift its focus to provide 3G service on the 2.1-GHz system if its 3G network contract with CAT continues to face big hurdles.
He said the 2.1-GHz 3G will succeed in polishing off the entire Thai telecom story.
"If the 3G auction is aborted again this time, Thailand will lose its credibility worldwide," he said.