SET to probe price jump
The Stock Exchange of Thailand (SET) is to investigate Pacific Assets Plc and Dusit Thani Plc for possible insider trading concerning a proposed take-over, Suthichai Chitvanich, SET executive vice president said yesterday.
Pacific Assets yesterday quoted Dusit Thani as confirming that the hotel operator had preliminary discussions with a Pacific Assets shareholder in regard to share acquisition. However, Dusit Thani was quoted further as saying there was no certainty of such a transaction for the time being.Yesterday, shares of Natural Park Plc, a major shareholder in Pacific Assets, jumped 23.81 per cent to 52 satang apiece. Natural Park owned 63.4 per cent of Pacific Assets as of April 5, and investors have speculated it would be the seller in any deal. Pacific Assets and Dusit Thani shares were traded at Bt7.90 and Bt53 apiece, respectively, before their trading was suspended yesterday by the SET. Exchange authorities demanded that both firms clarify a report in The Nation yesterday saying Dusit Thani would acquire a stake of more than 50 per cent from a Pacific Assets shareholder and that due diligence had already been completed. "Dusit Thani informed [Pacific Assets] that at present, they have many investment projects at hand that include preliminary discussions with a shareholder in the company concerning acquisition of shares," said Pacific Assets CEO Thowthawal Subhavanich in a statement submitted to the SET. - The Nation
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