It was reported that the Committee under Section 35 of the Public-Private Partnership Act, 2019, has concluded the selection results for private sector participation (PPP) in two projects for Suvarnabhumi Airport valued at a combined THB 67,305 million.
The first project is for airport ground services—including apron and ground support equipment, passenger ground services, and other related operations—at Suvarnabhumi Airport, with a project value of THB 29,390.76 million. The second project focuses on cargo warehouse services at Suvarnabhumi Airport, with a value of THB 37,914.56 million. Two technical bidders passed the initial selection stage: AOT Ground Aviation Services Company Limited (AOTGA) and Bags Ground Services Company Limited.
AOTGA emerged as the winner in both projects, leading on both technical propositions and financial proposals (offering the highest benefit returns to the state). Airports of Thailand Public Company Limited (SET: AOT), which oversees the projects, has already reported the selection outcomes to its board, and the Section 35 Committee has instructed AOTGA to formally submit its benefit-sharing terms this week. AOT is expected to sign contracts with AOTGA in the fourth quarter of 2025.
AOTGA is jointly owned by AOT (49%) and SAL Group (Thailand) Company Limited (SAL), which holds a 51% stake. SAL itself is held by SKY ICT Public Company Limited (SET: SKY) (46.8%), Triple i Logistics Public Company Limited (SET: III) (25.46%), and MyBox Company Limited (13.60%), making SKY’s effective interest in AOTGA approximately 24%.
Previously, Mr. Siriwat Towachirakul, Managing Director of AOTGA, told “Kaohoon” that winning both projects would require a total investment outlay of around THB 4 billion. AOTGA, he said, is well-equipped with robust cash flow and sound credit, enabling it to finance the investment, including potential borrowings from financial institutions. According to Mr. Siriwat, AOT will receive returns from AOTGA in two ways: as a 49% shareholder, and as the project owner—receiving both concession fees and guaranteed minimum income (Minimum Guarantee).
Analysts at Bualuang Securities noted that AOTGA, being majority-owned by AOT, winning the ground services and cargo warehouse PPP contracts at Suvarnabhumi Airport—together totaling THB 67 billion—will present approximately 5% upside to AOT’s profits.
Koraphat Vorachet, Assistant Managing Director and Head of Research at Krungsri Securities, commented that securing the third ground handling license gives AOTGA a strategic and earnings upside for AOT. Furthermore, it will introduce new revenue streams, strengthen bargaining power via synergy with airlines, and further develop the ecosystem for future growth.
