BTS insists IPO on track despite poor performance

Bangkok Mass Transit System (BTS) plans to proceed with an initial public offering (IPO) of 200-400 million new shares in the second half of 2000. It aims to raise as much as Bt9.6 billion ($247 million). The company denies it may delay the fundraising exercise after a slower-than-expected take-up for its elevated commuter train service, Skytrain, which commenced operations above Bangkok's congested streets in December 1999.