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Capital Profile Prasarttong-Osoth Family

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Capital Profile Prasarttong-Osoth Family 7 NOVEMBER 2014 Prasarttong-Osoth Family — Bangkok Dusit Medical Services, Bangkok Airways Founding family and controlling shareholder of Thailand-listed Bangkok Dusit Medical Services and Bangkok Airways Bangkok Dusit Medical Services merged with Wichai Thongtang's Phyathai Hospital Group in 2011. Wichai Thongtang was Thaksin Shinawatra's lawyer in the former Thai PM's asset-concealment case in 2001 and is a close friend of Thaksin's brother-in-law Somchai Wongsawat. Bangkok Airways owns and operates four Thai airports: the Suvarnabhumi International Ilya Garger Airport, Samui Airport, Sukothai Airport and Trat Airport Editor in Chief Bangkok Airways' joint venture WFS-PG Cargo has reportedly been investigated for Su- [email protected] varnabhumi International Airport projects awarded during Thaksin's reign Sze Toh Yuin Munn Research Editor Capital Profile covers 12 family members and 21 companies [email protected] David Wu INTRODUCTION Researcher [email protected] The Prasert Prasarttong-Osoth family is be- of THB 25 per share, which crowned it hind SET-listed hospital operator Bangkok Thailand’s largest IPO of 2014, as of early Felix Tjandra Dusit Medical Services Group, one of the big- November. Research Analyst gest private medical services operator in Asia [email protected] Prasert Prasarttong-Osoth had a net worth of with a market capitalization of around THB USD 2.3bn as of June 2014, according to Jacob Li 78.4 billion in assets as of June 2014. The Forbes, which ranked him the eighth richest Analyst family also owns media businesses English- man in Thailand. [email protected] language cable TV channel THN Network (In Channel) and Bangkok Media and Broadcast Origin and Background Jessica Kurnia Co Ltd, which launched digital TV channel Researcher Prasert Prasarttong-Osoth was a surgeon by PPTV. [email protected] training and in practice when he co-founded a privately-run hospital in 1969 with a group Willow Yang The family’s third business segment, airline of doctors and pharmacists due to the poor Reporter Bangkok Airways that owns and mainly oper- [email protected] ate from Suvarnabhumi International Airport public healthcare system in Thailand. The in Bangkok and Samui Airport in Surat Thani, hospital was rebranded as Bangkok Dusit made its debut on the Stock Exchange of Medical Services in 1972, according to its Thailand (SET) on 3 November 2014. Bang- website. Bangkok Dusit Medical Services kok Airways became the fourth SET-listed listed on SET in 1991 and has expanded into airline and raised around THB 13bn (USD the largest private hospital operator in Thai- 400m) from the IPO. Bangkok Airways had a land with 32 hospitals, as of June 2014. It market capital of THB 52.5bn at the IPO price also owns two hospitals in Cambodia. Bang- © 2014 Mergermarket Limited. All rights reserved. For sales enquires contact Christophe Barel (+852 2158 9616; [email protected]) 1 Prasarttong-Osoth Family kok Dusit Medical Services Group has four SET-listed subsidi- Osoth, all of whom are shareholders of Bangkok Dusit Medical aries: Thonburi Medical Centre, Samitivej Hospital, Ramkham- Services and Bangkok Airways. Most of the children appear to haeng Hospital and Bumrungrad Hospital Public Co. be involved in the family companies except youngest son Smit. Eldest son Puttipong is president director of Bangkok Airways. Prasert Prasarttong-Osoth established construction company First daughter Poramaporn is a medical doctor by training and Sahakol Engineering back in the 1960s, which took off due to a director of Bangkok Dusit subsidiary BNH Hospital. Second the establishment of American army bases in Thailand. He daughter Ariya is vice president director of sales of Bangkok then set up Sahakol Air, Bangkok Airways’ predecessor, in Airways, while third daughter Somruthai is the marketing di- 1968 to provide air taxi services to oil and natural gas explora- rector of Bangkok Airways’ subsidiary Bangkok Flight Services. tion companies in Thailand during the Vietnam War, according the Bangkok Airways’ website. In 1986, Sahakol Air was re- Political Affiliation branded Bangkok Airways after the airline obtained govern- Prasert Prasarttong-Osoth has been linked to former Thailand ment permits to operate as a regular charter airline. Bangkok prime minister Thaksin Shinawatra, who was overthrown in a Airways built its first airport in Koh Samui in 1989 as part of military coup in 2006 and subsequently found guilty of corrup- its business strategy to establish its own airports to develop tion. Prasert Prasarttong-Osoth had donated THB 10m to the routes and avoid competition with state-owned Thai Airways Thai Rak Thai party, which was Thaksin’s political vehicle in International. The regular flights between Bangkok and Koh 2005, according to Isaranews. Prasert Prasarttong-Osoth’s Samui has been a success and the direct route has been sister, however, has been quoted criticizing Thaksin and ex- widely credited as transforming Koh Samui into a premier pressing royalist views. tourist destination. Bangkok Airways has one SET-listed sub- sidiary Samui Airport Property Fund. Wichai Thongthang, the vice-chairman of Bangkok Dusit Medi- cal Services according to its 2013 annual report, was the law- Family Members yer for Shinawatra’s during the latter’s 2001 asset- Prasert Prasarttong-Osoth is one of five children of Boonrawd concealment case that ended in his acquittal. Wichai said in and Thongyoo Prasarttong-Osoth. His parents founded an August 2012 interview with Forbes that he is a close friend Prasartthong Osot Co Ltd, which manufactures Thai herbal of Somchai Wongsawat, Thaksin’s brother-in-law. Bangkok medicine under the brand Prasarttong, using a family formula Dusit Medical Services had merged with Wichai’s Phyathai passed down from Prasert Prasarttong-Osoth’s aunt. Prasert Hospital Group in 2011 via a share swap where both compa- Prasarttong-Osoth has two known siblings, brother Prasopsuk nies did not have to pay tax as it was an “Entire Business Prasarttong-Osoth and sister Praprai Prasarttong-Osoth. Neph- Transfer”, according to bangkokbiznews.com. ew Visanu Prasarttong-Osoth is a director of Bangkok Airways Investigations Related To Bangkok Airways and SET-listed Finansia Syrus Securities. He is currently serv- ing as deputy commissioner of Personnel Bureau of the Royal Following the military coup in 2006, some government pro- Thai Police since 2011. jects awarded under Thaksin’s reign were investigated for pos- sible corruption, according to press reports. One probe was on Prasert Prasarttong-Osoth is married to Vanli (Wanlee). Vanli is WFS-PG Cargo Joint Venture Co Ltd, which won the bid to man- the co-owner of Prasartthong Osot and oversees its opera- age cargo at Suvarnabhumi Airport. Bangkok Airways has tion. Vanli was educated in the US on scholarship and has three main businesses: airline services, airports and airport- worked in Thailand's Ministry of Education prior to entering the related services. Bangkok Airways owns 49% of WFS-PG Car- family business, according to the Bangkok Post report in go, a joint venture with global cargo handler WFS. The Nation March 2008. Vanli is also known for her work in Thailand's reported in 2006 that irregularities were found in the Airports Sukothai Organic Agriculture Project, which develops and of Thailand (AOT) awarding of the concession to WFP-PG Cargo grows organic rice, fruits and vegetables on a plot across the in 2003. Allegations of collusion in the bid were vehemently Sukothai Airport. Prasert and Vanli have five children: Put- denied by Bangkok Airways and a further search did not yield tipong, Poramaporn, Ariya , Somruthai and Smit Prasarttong- results in the investigation. © 2014 Mergermarket Limited. All rights reserved. For sales enquires contact Christophe Barel (+852 2158 9616; [email protected]) 2 Prasarttong-Osoth Family Meanwhile, Narongchai Tanadchangsaeng, an executive of- agreements. Failure to maintain certain airport licenses could ficer of Bangkok Airways since 2013, is currently involved in also trigger a breach of the lease agreements that would af- two civil lawsuits relating to his prior employment with AOT, fect the airline's ability to operate, according to the prospec- according to Bangkok Airways IPO prospectus. The AOT is tus. claiming damages of around THB 3.6bn from three defend- TV Channels ants including Narongchai, who were involved in the bid pro- cess for hiring security services at Suvarnabhumi Airport. The Prasert Prasarttong-Osoth invested THB 150m to establish AOT alleged “that the defendants modified the terms of ser- English-language cable TV channel THN Network (In Channel) vices which set out the approved AOT criteria for engaging a in 2012, according to a September 2012 Nation report, citing third party provider”. The case has been adjourned due to ad- THN Network managing director and Bangkok Airways VP for ministrative delays, according to the prospectus. corporate communications Nandhika Varavan. He then set up his second media venture Bangkok Media & Broadcasting Co Bangkok Airways Missed Covenants Ltd in 2013 and launched PPTV, using his initials, according to During the global downturn in 2007-2009, Bangkok Airways press reports. PPTV, the high-definition digital TV channel went was late in payment and failed to meet covenants under the on air in April 2014, the Nation reported in March 2014, citing
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