India renews satellite lease with Shin

BANGKOK : Thailand's Shin Satellite Plc said on Thursday India's Department of Space had extended a lease of seven transponders on the Thaicom III satellite for another six months. Shin Sat, Asia's number two satellite operator, said in a statement the Indian government had leased transponders since 1998 and this was the seventh renewal of the contract, previously due to expire in September.

Shin Sat is 51 percent owned by Thailand's largest telecom conglomerate, Shin Corp, founded by the family of Thai Prime Minister Thaksin Shinawatra. India is Shin Sat's largest foreign market. Shin Sat plans to launch a new $350 million broadband satellite service called iPSTAR, in 2003, which is seen as major source of revenues in the next few years.

In the six months to June 30, Shin satellite posted a net profit of $19.1 million, compared to the $15.28 million last year. By 0305 GMT, Shin Sat shares were up 0.46 percent at 22 baht, in line with the overall Thai stock market.

© Reuters