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Published on September 12, 2007

President and CEO Sermsin Samalapa said in a filing yesterday with the Stock Exchange of Thailand 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 and 95 million.

Once these transactions are complete, Natural Park will hold 62.72 million shares, or 4.26 per cent of Sansiri.

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

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.

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

The Nation