BTSC ready for talks with BMA on huge Green Line extension debt

BTSC was reacting after the Supreme Administrative Court on July 26 gave both parties 180 days to come up with 11.75 billion baht to cover the operating and maintenance (O&M) costs of the Saphan Taksin-Bang Wa and On Nut-Kheha extensions.

Based on O&M costs from June 2021 until the concession ends in 2042, BTSC said the total debt as of July 25 was 39.40 billion baht. It could reach 40 billion baht if the repayment is delayed, the company said.

BTSC chairman Keeree Kanjanapas said on Wednesday that it took over three years to show the Supreme Administrative Court that the contract with the BMA and KT was in line with laws.

“If the contract is not ready or not correct, we will not sign it,” he said, “I have to take responsibility for shareholders and passengers, and we have affirmed that we will not stop train operation.”

Keeree asked the BMA and KT to repay 11.75 billion baht debt immediately in a bid to boost the company’s liquidity and further improve services for passengers.

He also warned that both parties should pay attention to the remaining debt of 27.65 billion baht, saying that its interest increased by approximately 7 million baht per day.

BTSC is ready to negotiate with the BMA and KT on seeking the solution together to ensure that the transport service goes smoothly, he said. He hopes that both parties will understand the company’s commitment and repay the debt as soon as possible.

Keeree added that there had been no negotiations on extension of the Green Line concession. He believes that the BMA is studying the concession from Mo Chit to On Nut and from National Stadium to Saphan Taksin, which will end in 2029.

Meanwhile, BTSC director Surapong Laoha-Unya said the extension of the Green Line concession is about the future because BMA has not negotiated on this issue yet.

He affirmed that  BTSC was ready to negotiate with the BMA and KT on dealing with the debt, so the company could redeem corporate bonds and improve train services. 

The BMA should continue the existing concession, otherwise it must cancel the concession and pay compensation to BTSC, he said.

Bangkok Governor Chadchart Sittipunt said during the meeting with the Bangkok Metropolitan Council on Tuesday that BMA’s spending would exceed its fiscal year 2025 budget of 90 billion baht due to the debt repayment to BTSC.

However, he assured that the BMA would not take loans, saying that it would adjust its spending as per the revenue estimate.