BANGKOK, April 22 (Reuters) - Shin Corp SHIN.BK, Thailand's largest telecoms group, is looking to invest in new businesses to boost growth and shareholder return, the company's chairman said on Tuesday.
Shin Corp, controlled by Singapore's Temasek Holdings [TEM.UL] through two Thai-registered companies, would keep its focus on the telecommunications and media sectors, Executive Chairman Somprasong Boonyachai told reporters.
"We are looking to invest in new businesses, but I can't say when it will be concluded. It's subject to approval from the company's board," he said after a shareholder meeting.
Shin Corp, valued at $2.85 billion on the Thai bourse, comprises more than 20 companies in the wireless, satellite, Internet and media sectors.
Advanced Info Service ADVA.BK, 43-percent owned by Shin Corp, operates Thailand's largest mobile phone network with a 50 percent market share. AIS contributes more than 80 percent of Shin Corp's profits.
Shin Corp sold its wholly owned consumer finance unit, Capital OK, and holding in budget airline Thai AirAsia last year as part of a divestment of non-core assets.
Somprasong said a plan to free-float the company's stock depended on a final decision from Temasek.
Shin's free float dropped to under 4 percent, below the 15 percent threshhold required by the Stock Exchange of Thailand, following Temasek's $3.8 billion takeover in 2006.
"Our shareholder has a plan to dilute its holding, but I haven't been informed of anything," Somprasong said.
The Singapore state investment firm has said it wants to dilute its holdings in Shin to 49 percent, but the plan has been put on hold pending a probe on whether the takeover broke laws limiting foreign ownership of Thai firms to 49 percent.
On Tuesday, Shin Corp shares were unchanged at 28 baht, while the main Thai index .SETI was up 0.95 percent. ($1= 31.40 Baht) (Reporting by Khettiya Jittapong; Editing by Darren Schuettler)