The cash-strapped developer yesterday said in a filing with the Stock Exchange of Thailand that its board of directors had scrapped the company's three asset sales.

The firm revoked the sale of 15 million shares in Pacific Assets and the sale of shares in the company in a voluntary tender offer to be conducted by a group of foreign investors led by Chanon Prasertvichakorn.

"On December 19, 2006, the investor group contacted the company informing they will have to reconsider their investment policy for PA because of the material change in Thailand's monetary policy. Therefore, the investor group would like to cancel the offer to fully assess the effect that may arise from such a monetary policy. If there are any changes or new proposals, the investor group will notify the company," Natural Park said.

Earlier, the foreign investors said they would acquire 49 per cent of Pacific Assets' shares at a price of Bt8 by buying 15 million shares from Natural Park and 148.66 million shares through the tender offer.

Natural Park holds 211.74 million shares, or 63.4 per cent, of Pacific Assets.

Two deals to sell a sizeable stake in Natural Park's subsidiary Aimtop Investments or its 6,283 square metres of land in Croatia, and Kyoto Resorts or its land in Japan, to interested investors

were also dropped, the company said.

The company's extraordinary meeting of shareholders set for January 5 was also cancelled.

Natural Park had planned to use proceeds from the stock and assets sales to repay debts and develop real-estate projects.

The collapse of the plan to divest its interest in Pacific Assets was not the first. Dusit Thani Group's recent plan to take a controlling stake in Pacific Assets also flopped.

Natural Park's stock closed up 9.68 per cent to Bt0.34 in yesterday's trade, while Pacific Assets gained 2.52 per cent to Bt6.10.

On December 5, Natural Park's board also reversed a recent decision to sell land and assets of the 219-room Novotel Beach Resort Panwa in Phuket for Bt550

million to Lehman Brothers (Thailand).

Instead, Natural Hotel Panwa - the hotel's operator - will issue debentures worth up to Bt1 billion to Lehman Brothers (Thailand). The debentures will be guaranteed by Natural Park, and the proceeds will be used to finance the hotel's construction and augment working capital.