N-Park says no to sell more Sansiri shares to Hong Kong Investors

President and chief executive officer Sermsin Samalapa said in a filing with the Stock Exchange of Thailand yesterday that the developer's board had resolved not to sell the Sansiri shares as requested by investors led by Allina Salim.

The investors earlier inked a deal to buy 300 million Sansiri shares, representing 20.36 per cent of the company, from Natural Park for Bt925 million in two batches - 205 million shares and 95 million.

Following the transaction, Natural Park remains holding 62.72 per cent or 4.26 per cent in Sansiri.

Sermsin said proceeds from the sale of the 95 million Sansiri shares would be used to service Natural Park's debts to Krung Thai Bank.

The proceeds from the sale of the first 205 million shares were used to repay principal and interest to the tune of Bt632 million to Siam City Bank.

Natural Park saw its net loss widen to Bt814.27 million in the second quarter, from Bt210.18 million in the corresponding period last year. Its firsthalf net loss rose to Bt1.11 billion, from Bt459.31 million in the same period last year.

- The Nation