The Finance Ministry wants to review its shareholdings in stocks, aiming to adjust its asset portfolio and sell some shares to build up state coffers.
Deputy Finance Minister Paopoom Rojanasakul ordered the State Enterprise Policy Office to review the ministry's shareholding in stocks to determine a portfolio of assets the government should hold, according to sources familiar with the matter.
A committee was appointed to study the value of 100 stocks worth 30 billion baht held by the ministry from confiscations, preparing to divest low-performing holdings to optimise the portfolio.
As of May 21, the ministry holds shares in 13 companies worth a total value of 1.19 trillion baht.
Among those, Airports of Thailand (AOT) ranks top in terms of shareholding value at 670 billion baht, followed by PTT Plc at 492 billion and Thanachart Capital (TTB) at 20 billion.
The ministry holds 10,000 shares of AOT, representing 70% ownership, and roughly 14.6 billion and 11.4 billion shares in PTT and TTB, owning 51.1% and 11.7%, respectively.
"Ministers want to find out what stocks they are not required to hold and can be sold, such as stocks received from asset confiscation. The plan is to manage the ministry's investments and create profits for the government," said a ministry official.
Other listed companies in which the ministry holds shares include: Thai Airways International (THAI), Don Muang Tollway (DMT), Thailand Future Fund (TFFIF), PTT Oil and Retail Business (OR), Bangchak Corporation (BCP), MCOT, MFC Asset Management (MFC), Bound and Beyond (BEYOND), Ratchaphruek Hospital (RPH) and NEP Realty and Industry (NEP).
According to data from the Stock Exchange of Thailand, only three of those 13 companies reported a decline in financial results in the first quarter year-on-year. BCP's net profit fell 11% year-on-year to 2.4 billion baht, while MFC's net profit declined 12.7% to 49.3 million baht.
MCOT reported net loss widened 34% year-on-year to 79 million baht in the first quarter.