Mr. Keeree Kanjanapas, Chairman of BTS Group Holdings Public Company Limited (SET: BTS), stated that BTS is fully prepared to negotiate and cooperate in the event that the government considers buying back the electric train concession and hiring BTS Group to provide the train operation service. This would allow the state to set fare policies to ease the cost-of-living burden for the public, which BTS sees as a collective benefit.
Regarding the government’s concession buyback plan, a large amount of money may be required. One approach under consideration is to allow the private sector to initially secure bank loans, with the government paying the interest and gradually repaying the principal based on the agreed concession valuation.
Mr. Keeree stated that if the private sector borrows (using the concession as collateral) and the government covers interest, fare revenue can gradually be used for repayment, or the debt could be repaid in full in the future. This idea is still under proposal and is a creative approach for the benefit of citizens and passengers. BTS will consider full cooperation if feasible.
Currently, BTS holds three revenue-sharing concessions with the state: 1) Main Green Line (Mo Chit – On Nut and National Stadium – Saphan Taksin), which will end on December 4, 2029; 2) Yellow Line (Lat Phrao – Samrong); and 3) Pink Line (Khae Rai – Min Buri). Both Yellow and Pink Lines are concessions from the Mass Rapid Transit Authority of Thailand (MRTA) and will end in 2053.
Mr. Keeree stated that he could not estimate the amount required for the government to repurchase the train system, as BTS Group is the builder and concessionaire. If the government plans to buy back the concession, they must pay according to BTS’ investment value. At this stage, no formal negotiations have taken place.
Regarding the O&M debt payment for the Green Line extensions 1 and 2, Mr. Keeree explained that yesterday (October 30, 2025), the Bangkok Metropolitan Administration (BMA) settled all outstanding debts arising from the second lawsuit, from June 1, 2021, to November 20, 2022. The Central Administrative Court ordered BMA and KT to pay BTS 12,344 million baht (including interest) on September 29, 2025. Both BMA and Krungthep Thanakom Co., Ltd. (KT) did not appeal. Additional unpaid debt since the second lawsuit to September 2025 totaled 24,100 million baht. Altogether, BMA paid BTS 36,444 million baht yesterday (including principal and interest). BTS also reduced BMA’s interest by 200 million baht (from a total of 10 billion baht).
From now on, BTS and BMA have signed an MOU ensuring such issues will not recur. BMA will pay BTS for both extensions on schedule; we’ll invoice on the 3rd of each month, and BMA must pay us about 740 million baht monthly by the 20th,” Mr. Keeree said.
After receiving full payment from BMA, BTS’s debt to equity (D/E) ratio dropped from 1.39x to 1.0x. BTS plans to use about 15 billion baht to pay off debts, and reserve roughly 20 billion baht for upcoming debt and new investments.
Mr. Keeree also mentioned the U-Tapao Airport and Eastern Aviation City project, covering 6,500 rai with a total value of 290 billion baht, in which BTS is an investor through U-Tapao International Aviation Co., Ltd. (UTA) (Bangkok Airways Plc. holds 45%, BTS 35%, and Sino-Thai Engineering and Construction Plc. (STECON) 20%). He confirmed the project will continue as planned.
Recently, a memorandum of understanding (MOU) has been signed with the Eastern Economic Corridor Office (EECO) to extend the contract’s incentives until December 2025. At that time, a review will be conducted for further clarity.
