Thaksin kin dumps GEN
Songphon Chakrabhandhu, a relative of Payap Shinawatra's wife, unloaded most of his shares in General Engineering Plc (GEN), apparently on the first day the market reopened after the September 19 coup, and possibly netted Bt6.39 million from his month-long investment.
GEN stock dropped 3.12 per cent yesterday to close at 93 satang. Songphon is reportedly a personal secretary to former Transport Minister Pongsak Ruktapongpisal, a Thai Rak Thai Party deputy secretary-general. He is also reportedly related to Payap's wife, Phor-ruthai. Payap, a former Chiang Mai MP, is the younger brother of ousted Prime Minister Thaksin Shinawatra. In his September 21 filing to the Securities and Exchange Commission, Songphon said he sold 52.59 million shares of GEN, which reduced his holding from 15 per cent to 3.97 per cent. Managing director Vichaya Chatikavanij that despite the bailing out of a major shareholder, the company would continue operating as usual. "The share sale could take place after the coup but have no impact on GEN, because the shareholder has no role in the management team," said Vichaya. He said the buyers might be small investors who wanted to take a profit. Songphon was reportedly buying the stock this month. After the sale, he still holds 18.93 million shares. Siriporn Chanjindamanee The Nation
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