King Power eyes new Bangkok airport

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King Power International (Thailand), the sole operator of duty-free outlets at Bangkok Don Muang International airport, is to leave the American Stock Exchange while continuing to consolidate its operations as turnover this year reaches Bt9bn ($207m)

Chairman and ceo Vichai Raksriaksorn said King Power stood a good chance of winning the bid to operate duty-free shops at the new Bangkok Suvarnabhumi International airport. "But I told my staff not to worry if we don't win. We will have other means to continue such as the duty-free operations in downtown areas," he said in an interview with The Nation newspaper.

Apart from its Bangkok airport operations, King Power operates duty-free outlets at Phuket, Hat Yai and Chiang Mai airports and downtown stores at Mahatun Plaza and the World Trade Centre in Bangkok. In addition the company's advertising department holds the Bangkok airport advertising concession. King Power is also the only Thai firm to have listed on a US stock market. But Vichai said the company was leaving the American Stock Exchange (Amex) because the costs outweigh the gains.

The Thai government recently announced it was upgrading the design of the new airport from a 30m annual passenger capacity to 40m and tourism is growing rapidly at 16% year-on-year, according to October 2002 figures. New Bangkok International Airport Co (NBIA) chairman Srisuk Chantharangsu said recently he expects the facility to be completed ahead of schedule at the end of 2004 when it will replace Don Muang. Managment concessions for catering facilities, ground services, refuelling and the cargo centre at the airport have already been awarded.