Published on January 20, 2006

Nation Multimedia Group’s largest shareholder Somporn Jungrungreangkit yesterday dismissed rumours that she was selling her NGM stake to GMM Grammy Plc.

The entertainment company, which last year was forced to abandon its bid to take over Thai-language Matichon newspaper following a social uproar, also denied the rumours, described by GMM Grammy Plc Executive Director Sumeth Damrongchaitham as “simply groundless.”

"It is impossible that Grammy or even Phaiboon (Damrongchaitham - Grammy's founder and major shareholder) will make this king of investment," he told reporters. “It will be conflict of interests because we already are holding shares in Matichon and Post Publishing Plc.”

Somporn insisted that she did not intend to sell her NMG stake, adding that she considered NMG her “home.”

“I have proved to everyone that I’m a sincere investor and throughout my time as an NMG shareholder there has never been interference. Nation people are still in charge of everything,” she said.

She added that she had more than 20 per cent stake in the NMG and “I consider Bang Na-Trad road (where NMG headquarters is situated) my home.”

“There’s no need to sell. Bang Na-Trad road is where I earn my living.”

Meanwhile, NMG Group Editor Thepchai Yong said Nation reporters were determined to maintain editorial independence and keen to monitor stock market developments at a time when takeover of media companies has somewhat become a trend.

Grammy’s political connections were a major reason why its bid to take over Matichon was strongly criticised by society.

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