SHIN CORP TO RAISE FREE FLOAT OF SHARES

       Shin Corp has reaffirmed its plan to raise the free float of its shares, currently over 3 per cent, pending favourable timing and market situation.
       The Stock Exchange of Thailand requires listed firms to maintain a free float of at least 15 per cent, or face de-listing after a period of time.
       Tomyantee Kongpoolsilpa, Shin's senior manager for group investor relations, said yesterday that the company's shareholders have maintained the policy of increasing the number of the company's shares in the open market.
       Cedar Holdings and Aspen Holdings, which are controlled by Singapore's state investment arm Temasek Holdings, jointly acquired almost 50 per cent of Shin from its founders, members of ousted prime minister Thaksin Shinawatra's family, in January 2006.
       Both companies later raised their combined stake in Shin to the present 96 per cent after holding a mandatory tender offer.
       Tomyantee also said Shin was still studying possible investment opportunities.
       Shin's flagship businesses are Advanced Info Service (AIS), the country's largest cellular operator, in which it owns 42.7 per cent, and satellite operator Thaicom, in which it owns 41.1 per cent.
       Shin posted consolidated net profit in the first half of this year of Bt3.58 billion, down from Bt4.48 billion over the same half last year. Its share price yesterday closed at Bt23, up from Bt22.80 last Friday.
       AIS' second-quarter consolidated net profit plunged 33.7 per cent year on year to Bt4.2 billion, due to the seasonally weak quarter and economic decline.
       For the first half, net profit was down 23.5 per cent to Bt8.77 billion.
       AIS has 27.9 million subscribers.