Chairman Pramon Sutivong said his committee was set to wrap up the discussion next Tuesday. He said the law would be changed to give a clearer definition of "nominees" and their voting rights.

The new law should also encourage smaller foreign retailers to participate in the Thai stock market, as the committee plans to recommend that the ministry lower the investment requirement for foreign retailers from the current rate of Bt100 million.

Pramon said among other issues to be discussed by the committee was the time frame for allowing foreign companies to restructure their shareholdings. Committee members are considering periods of from six months to three years.

Earlier, the committee was considering periods of from six months to one year. But foreign chambers of commerce argued that those time lines might be too short for them to find new shareholders to conform to the expected rules on nominees.

Meanwhile, National Legislative Assembly member Chirmsak Pinthong said the government should not rush amending the law, but rather thoroughly consider the implications. As currently discussed, the amended law is unlikely to be imposed on Kularb Kaew, Chirmsak said.

The amended law would encourage companies in question, including Kularb Kaew, to remedy their shareholding structures, in order to avoid being designated a foreign company.

Chirmsak said if that were the case, the new law would grant an amnesty to Kularb Kaew. Thus, he urged the government to consider the implications on the nominee question thoroughly before deciding to amend the Foreign Business Act.

As for governing the telecommunication sector, Pramon said the telecom industry would continue to be under the Foreign Business Act but that there were several provisions specific to that sector.

Petchanet Pratruangkrai

The Nation