Whether the 10-year battle at the country's largest indebted company is finally over

will be known today after the shareholders' meeting. Company founder Prachai Leophairatana will attend the meeting to fight for the chairmanship against new shareholders led by PTT Plc.

"Prachai could attend the meeting as a shareholder and a director. But whether he will remain on the board will be determined [today]," said a lawyer who represented the rehabilitation plan's administrator.

The court spent nine hours considering the exit request. The ruling was announced at 5.15pm amid loud cheers from about 200 employees and was based on the fact that TPI has resumed profitability. The ruling allowed TPI to host the planned shareholders' meeting today.

TPI's board of directors now dominated by Prachai, held a meeting on Monday whereby Prachai was appointed chairman and 10 new directors were appointed, including Prachai's wife, Orapin, and several members of his family.

However, in a statement to the Stock Exchange of Thailand on April 12, TPI's plan administrator had its own list of nominations to the board, which include PTT president Prasert Bunsumpun, General Mongkol Ampornpisit - chief of the plan administrator team - and Virabongsa Ramangkura.

It was reported that some creditors are upset with the ruling and they plan to bring the case to the Supreme Court.

PTT last year spent Bt20.3 billion for a 30-per-cent share of TPI. The Government Pension Fund, Government Savings Bank and Vayupak Fund I hold 9.5 per cent each or a total of 28.5 per cent. TPI's creditors, Prachai, minority shareholders and TPI staff own the rest. PTT plans to buy debts from creditors at a discount to clear its debts within five years.

TPI yesterday was the most active stock, with a turnover of Bt86.2 million, as investors bet on a brighter future for the country's largest petrochemical company.

TPI was the biggest victim of the baht's devaluation in 1997, which left it with more than Bt139 billion in debts.

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