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Published on January 25, 2008

The publisher of The Nation newspaper did not provide a time frame but said it would report the transaction to the Stock Exchange of Thailand (SET) when it occurred.

In a statement to the SET yesterday, NMG did not identify the buyer but said it was not a connected party. Following the sale, the buyer would allow the company to rent its premises until it can relocate.

The company's board of directors agreed to appoint an executive committee to authorise any approvals and make decisions related to the sale.

NMG closed yesterday at Bt7.85, down 0.63 per cent.

"The objectives and benefits of the assets sale are to upgrade the operating process, for both editorial and overall content, to integrated content management and improve office management to become a 'smart' office. Also, to mobilise cash from the sale of the assets to repay debts, which will decrease interest expenses and improve cash flow and liquidity," the company said in its statement.

As of last September 30, the company had total liabilities of Bt3.5 billion and retained losses of Bt282 million.

NMG said the offer was not lower than the minimum price of Bt1.38 billion approved by the board.

The deal includes five offices with 4,100 square meters of space, which NMG will purchase from their holders, in order to own the entire space inside Nation Tower. This will facilitate negotiations for the sale of all of the company's Nation Tower assets. These five units are valued at about Bt130 million.

The company will spend Bt150 million for construction of a new office building and Bt100 million for equipment and improvements in the information-technology system.

The group last year posted a net loss of Bt238.91 million for the third quarter and Bt243.8 million for the first nine months.

The Nation