Thailand’s Shin Satellite PCL, a Thai satellite service provider, expects the launch of its iPSTAR broadband satellite to be delayed to mid-2005 from March.
The company will hold a meeting with manufacturer Space Systems/Loral and launcher Arianespace around mid-March to finalize the launching process and to set a launch date for the $400 million iPSTAR satellite, Tanadit said. It is expected that the satellite is to be in orbit and ready to operate from June onwards,” he added.
Tanadit said that the delay won’t have any impact on Shin Satellite’s performance as the company is already expecting revenue from iPSTAR to be realized in the second half of this year. Capital Nomura Securities forecast Shin Satellite’s revenue this year at THB7.89 billion, up from THB5.12 billion in 2004.
The delayed launch of iPSTAR will also affect its planned share offering, which was earlier scheduled to take place by the end of March, after the launch of the iPSTAR. Shin Satellite plans to sell up to 208 million shares to raise between $60 million and $90 million, which will be used mainly to refinance its short-term debt and as working capital.