Listed property development company KC Property has a new major shareholder, according to information released to the Stock Exchange of Thailand.
In a statement to the Stock Exchange the company wrote: “On 10 January 2015, the company was informed by Mr. Chai Ngamachariyakul, the president and major shareholder of the company, that Mr. Chai and other shareholders, “the sellers”, together holding 514,155,500 shares representing 58.76 percent of the issued and paid up stocks of the company … had entered into a sales agreement dated 10 January 2015 with Mr. Pattarapob Ittisanyakorn, “the buyer”, who is an investor and does not have any relationship or relating to Mr. Chai and the company, at a price of THB2.61 per share, a total transaction value of THB1,34 billion.
“The buyer will complete the transfer of the stocks within 60 days from the agreement date (before 9 March 2015) and the buyer will comply with the rules and regulations of the Securities Exchange of Thailand regarding the transfer of the shares.
“The company had not been informed by the buyer of any changes regarding the company business.”
Pending further information the Stock Exchange of Thailand yesterday suspended the stock from trading, stating the company had not provided the required information including the buyer’s profile and the intended management structure after the acquisition.
The Bangkok Post reported the company launched two new low-rise housing projects on newly acquired plots during 2014.
According to further public information from Businessweek, the buyer, Pattarapob Ittisanyakorn, is also a Director of Asia Joint Panorama Public Company Limited, a company that produces television satellite programs in Thailand.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
