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Published on September 21, 2007

Chusak Yongvongphaiboon, managing director of Asia Metal, a manufacturer of steel products for construction, yesterday said the sale had been in three lots via the Stock Exchange of Thailand at Bt3 per share.

The first batch was 6.4 million shares worth Bt19.2 million, the second was 23.6 million shares worth Bt70.8 million and the last was 50 million shares worth Bt150 million.

The Leeswadtrakuls are experts in the steel industry and are expected to help strengthen Asia Metal, Chusak said. The purchase will also lead to a future partnership.

"After I sold the 15-per-cent stake, there won't be any other share sale to anyone else. And although we have only 40 per cent left in Asia Metal, from the earlier 53.4 per cent, we still have control," he said.

Chusak, who with his family is a major shareholder in Asia Metal, said he would consult with the new shareholder about the business plan in the future. However, he believes the business will not change much from the present.

He expects 2007 revenues will end up close to last year's Bt4.8 billion.

The company recorded a net loss of Bt68.82 million in the second quarter, falling by 184.92 per cent from the same period last year.

An analyst from Kim Eng Securities (Thailand) said the share purchase would not directly benefit G Steel, as it was done by an individual, not the company. The buyer, the Leeswadtrakul family, will directly benefit from the investment. But Asia Metal will gain a new connection in case it needs to buy raw materials from G Steel.

Siriporn Chanjindamanee

 The Nation