Thai duty-free giant King Power gets airport payment relief
Airports of Thailand said King Power, which operates at five airports in the country, applied for a relief scheme for firms "facing liquidity problems" on 23 Jun.
AOT told the Stock Exchange of Thailand (SET) its board had granted permission for the firm to split the minimum payments required for its contracts into installments, with the payment window extended by eight months.
King Power must provide collateral of 1.45 billion baht (US$44.5 million) "to ensure its financial obligations in case of unexpected events", said a public statement to the SET.
AOT shares fell 2.4 per cent in Bangkok following the announcement.
King Power, shirt sponsors for English football club Leicester City, has a monopoly on duty-free outlets at Bangkok's Suvarnabhumi and Don Mueang airports, as well as those in Phuket, Chiang Mai and Hat Yai.
The King Power Group also operates retail outlets and hospitality services around Thailand.
Founder Vichai Srivaddhanaprabha led a consortium that bought Leicester City in 2010, and it was under his ownership that the Foxes secured their Premier League title in 2016.
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Commentary: Trump's call didn't stop the fighting in Thailand and Cambodia. Can Malaysia do better?
SINGAPORE: In a few hours, Thailand's acting Prime Minister Phumtham Wechayachai and Cambodian Prime Minister Hun Manet will sit down for peace talks in Malaysia, amid an escalating border conflict that has killed at least 30 people and displaced thousands more. The visit to Kuala Lumpur on Monday (Jul 28) by the leaders will offer the 10-member Association of Southeast Asian Nations (ASEAN) a chance to preserve its treasured centrality and demonstrate a capacity to solve its problems on its own rather than under external intervention or pressure. It also offers current ASEAN chair, Malaysian Prime Minister Anwar Ibrahim, an opportunity to create a legacy. This is something that has thus far eluded him, and ASEAN in the other major crisis it faces – Myanmar's seemingly intractable and ongoing civil war. The scheduled talks follow a characteristically unilateral announcement on Saturday by United States President Donald Trump claiming both countries had agreed to work out a ceasefire after he threatened to cease trade talks if the fighting did not stop soon. Cambodia had already proposed a ceasefire, but Thailand – after the call from Mr Trump – said while it agreed in principle with a ceasefire, the onus was on Cambodia to stand down. Mr Trump's announcement did not seem to have any effect. There was no sign of de-escalation. Within hours of a brief pause, Thailand and Cambodia were exchanging rocket and gun fire again, possibly with each intent on gaining advantage on the ground ahead of a truce so that a clear win could be presented domestically. A WINDOW FOR ASEAN Speculation on the origins of the conflict ranges from bad blood over business and economic interests – from casinos to scam centres – to personal falling out between the Hun and Shinawatra families; to domestic agendas to prop up wobbly political parties and mandates; and even superpower rivalry between the US, an ally of Thailand, and China which has significant economic interests in Cambodia. Premier Hun Manet's father Hun Sen – now President of the country's Senate and viewed as the de facto leader of Cambodia – may indeed feel he has greater strategic space with China's backing, given China's interests in Cambodia. But while there may be some element of truth in that, it risks falling into the trap of seeing the conflict through an American, China-centric prism. China took pains last week to say the weaponry Cambodia was using was old stock supplied not recently but previously by Beijing. In fact, any definitive explanation without real evidence is suspect; the origins of the conflict remain opaque and likely only really known to a relatively small circle of power elites in both capitals. Regardless, neither country wants to be seen domestically to bending to external pressure. This offers a thus far ineffective ASEAN response new traction. Conversely, the opportunity puts pressure on Mr Anwar, who may be seen as somewhat compromised by his decision earlier this year to appoint former Thai Prime Minister Thaksin Shinawatra as an adviser – even if one of several – to the ASEAN chair he holds. Thus while the meeting offers hope, underlying complexities should not be underestimated. The proximate and historical causes of the conflict may be many, and significantly intertwined, but what is evident and indisputable is that what tipped a volatile situation over the edge was a falling out between old friends Mr Hun Sen and Mr Thaksin. The latter's daughter, Paetongtarn Shinawatra – who became prime minister only last August – has been suspended pending an ethics investigation over her leaked phone call with Mr Hun Sen, throwing Thailand's civilian coalition government into some disarray and giving its military an opportunity to wave its nationalist credentials. 'Failure to secure a meaningful and lasting ceasefire could severely damage ASEAN's credibility as a regional problem-solver, especially given past criticisms of its effectiveness in other regional crises,' Professor Pavin Chachavalpongpun of Kyoto University's Centre for Southeast Asian Studies told me. THE LIMITS OF MEDIATION The meeting signals a step towards de-escalation, but it doesn't magically resolve the deep-seated territorial disputes, nationalistic sentiments and historical grievances that fuelled this conflict, Professor Pavin added. 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