Airports of Thailand Public Company Limited (SET: AOT) announced that it had selected private operators for two projects with a total value of THB 67,305 million including:
1) The third-party Apron and Ground Support Equipment Services and Passenger Ground Services and Related Businesses Project at Suvarnabhumi, valued at THB 29,390.76 million.
2) The third-party Cargo Services Project at Suvarnabhumi Airport, valued at THB 37,914.56 million.
Interested parties were invited to purchase the bidding documents in March 2025, and proposals were submitted on May 26, 2025. Two companies submitted proposals: BAGS Ground Services Co., Ltd. and AOT Ground Aviation Services Co., Ltd. (AOTGA).
On September 15, the selection committee for the third-party Apron and Ground Support Equipment Services Project, in accordance with Section 35 of the Public-Private Partnership Act B.E. 2562, and the committee for the Cargo Services Project officially announced that AOTGA, the proposer, had been selected as the private partner for both projects.
Paweena Jariyathitipong, Deputy General Director (Engineering and Construction Group) and Acting President of AOT, previously stated that she aimed for AOT to sign contracts with the selected providers for both projects by the end of 2025.
AOTGA is 49% owned by AOT and 51% by SAL Group (Thailand) Co., Ltd. (SAL). Sky ICT Public Company Limited (SET: SKY) holds a 46.8% stake in SAL, Triple i Logistics Public Company Limited (SET: III) holds 25.46%, and My Box Co., Ltd. holds 13.60%. As a result, SKY owns approximately 24% of AOTGA.
Siriwat Towachirakul, President of AOTGA, revealed that the company is preparing to invest about THB 4 billion in both projects. AOTGA is financially sound in both cash flow and credit, which allows access to additional bank loans. AOT will receive revenues from AOTGA in two forms: as a 49% shareholder and as the project owner, which includes concession fees and a minimum income guarantee.
The third-party Apron and Ground Support Equipment Services Project will operate under the public-private partnership net cost model (PPP Net Cost: the private sector shares revenue and benefits with the government). The government is responsible for providing land for project development and supervising project quality, while the private operator finances, designs, and constructs facilities, procures equipment as per standards, and manages the project according to AOT’s terms.
The project will be fully funded by the private sector, with an investment of THB 29,390.76 million —THB 1,608.76 million for infrastructure and equipment, and THB 27,782.01 million for operations and maintenance over a 25-year term. Core service areas include aircraft ground support equipment, baggage and cargo handling, passenger and crew transfers, and other related services.
The third-party Cargo Services Project will also follow the PPP Net Cost model, with the state responsible for land acquisition and oversight, while the private sector finances, designs, and constructs facilities, procures equipment, maintains, and manages the cargo project according to AOT’s conditions.
The total investment from the private sector is THB 37,914.56 million, comprising THB 1,318.38 million for infrastructure, equipment, and systems, and THB 36,596.18 million for operations and maintenance over 25 years. The scope covers inbound and outbound cargo, transshipment warehouses, perishable goods, express goods, and e-commerce.
Siriwat also commented on AOT’s upcoming tenders to select private partners for the second-party Suvarnabhumi Airport Cargo Services Project valued at THB 15,253 million, and the second-party Apron and Ground Support Equipment Services and Passenger Ground Services and Related Businesses Project valued at THB 9,000 million, stating that AOTGA is interested in bidding for all projects.
WFS-PG Cargo, the second-party operator and a joint venture between Bangkok Airways Public Company Limited (SET: BA) and a Singapore entity, will see its contract expire in October 2026, necessitating a new tender process. The new operator is expected to be selected by February–March 2026, ensuring a six-month preparation period before the current contract ends. WFS-PG Cargo is eligible to participate in the new bidding.
