• 
• 

Published on December 26, 2007

Last Friday, Natural Park sold 208.74 million ordinary shares in subsidiary Pacific Assets for Bt4.76 apiece, or almost Bt994 million, to the ADM Galleus Fund and GMW Holding, the entities assigned by both Asia Debt Management Hong Kong and GMW.

In a statement submitted to the Stock Exchange of Thailand, Natural Park said it used the cash received from the sales to repay a Bt775.22-million loan from SCIB and a Bt150.98-million loan from KTB. This resulted in repayment of the entire SCIB loan and left a remaining debt to KTB of about Bt860 million, the repayment period of which the company is in negotiations to extend.

On December 11, Natural Park's shareholders approved the sale of 208.74 million ordinary shares in Pacific Assets, or 62.5 per cent of paid-up shares, to Asia Debt Management Hong Kong and GMW or entities assigned by both for Bt4.76 apiece.

The price was determined using the average closing price of Pacific Assets for 90 days prior to the board of directors' meeting on November 2. Also, the board of directors or anyone authorised by it were given the power to negotiate, sign related documents and agreements necessary to negotiate and give consent to the sale of the ordinary shares in Pacific Assets.

 The Nation