Seven potential bidders have qualified to take part in the auction sale of 15,000 tonnes of rice left over from the Yingluck Shinawatra administration's rice-pledging scheme.
Deputy Prime Minister and Commerce Minister Phumtham Wechayachai said the auction of the last stockpile of the decade-old rice will go ahead as planned next Monday.
A total of eight companies were interested in the auction and submitted documents to certify their qualifications early this week.
Mr Phumtham said seven passed qualification screening and have been given the green light to take part in the bidding. Bids can be submitted from 9am til noon, with the winners to be announced on June 21.
The rice left over from the controversial rice-pledging scheme being sold at the auction is from the Kittichai and Poolphol warehouses in Surin.
Mr Phumthan expressed confidence that the auction will be successful, noting that the bidders have apparently no concerns over how long the rice has been stored. The government hopes to generate revenue of about 270 million baht and reduce storage costs, which are as high as 380,000 baht per month, from the auction.
According to the terms of reference, the winning bidder will have 15 days to sign a contract with the Public Warehouse Organisation (PWO) to complete the purchase. If the winner does not sign the contract, the next highest bidder will be given the right to sign it. If that offer is lower than the winner's bid, the company must pay the price difference to the PWO.