Thailand’s cabinet’s has finally approved the long-delayed and controversial privatisation of the Electricity Generating Authority of Thailand (EGAT). A substantial pay increase for its 26,000 employees has managed to overcome bitter opposition to the plans at a cost of an additional Bht 2.2 billion (€440 million) per year and generous stock options. With the deal agreed, Egat is expected to be listed on the Stock Exchange of Thailand by November.

In its transition to a listed company, EGAT will be registered with Bht 60 billion (€1.2 billion) in capital, Bht 424.7 billion (€8.5 billion) in assets and Bht 226 billion (€4.4 billion) in liabilities. In addition, assets including dams, reservoirs and land worth Bht 23.6 billion (€472 million) will be transferred to the Finance Ministry. The initial public offering is expected to raise Bht 40 billion (€800 million) to finance expansion.