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Published on February 29, 2008

The move is being made in a bid to repay company debts.

The shares will go to Hicrete Products and Technology in a deal worth Bt395 million.

Natural Park has so far sold several assets, including a 62-per-cent stake in Pacific Assets, a 100-per-cent stake in Aimtop Investments and a portion of shares in both Sansiri and BMCL.

The property developer yesterday told the Stock Exchange of Thailand that the first batch of 281.68 million shares in BMCL had already been transferred to the buyer, while the rest would be transferred by the end of September.

The selling price was well below the market price of Bt1.01 per share and below the Bt1.50 that Natural Park paid for the shares.

Once the transaction is complete, Natural Park will still hold 320.26 million BMCL shares, accounting for 2.68 per cent of the company.

Earlier, Ch Karnchang, another major shareholder in BMCL, expressed interest in buying Natural Park's stake but asked for a selling price below the minimum 79-satang-per-share level set by Natural Park's board of directors.

The board has also put a price on its 62.72 million shares in Sansiri and 190 million shares in Syntech Construction of at least Bt3.75 and Bt1.02 apiece, respectively.

The Nation