Viriya Insurance dumps N-Park stock

In a filing with the Securities and Exchange Commission, Viriya said it sold 847.15 million shares, or 7 per cent of Natural Park's registered capital, to Yupayao Boonsom and Sitthinaree Larpthananukul on December 29.

Natural Park yesterday posted a third-quarter net loss of Bt1.3 billion. That made a nine-month net loss of Bt1.7 billion, an improvement over the Bt2.43-billion net loss in the same period in 2007.

Chumpolpat Puldrapaya, Natural Park's executive authorised to disclose company information, said in a statement to the Stock Exchange of Thailand that in the third quarter, revenue dropped 32.9 per cent to Bt55.16 million, from Bt82.2 million before. However, the net loss incurred from the provision of a Bt385.7-million payment to Ocean Life Insurance following a Southern Bangkok Civil Court ruling last November 7.

Moreover, the company also witnessed a drop in the value of its investments in Finansa, Bangkok Metro, Sansiri and Syntec Construction, for a combined loss of Bt667.78 million.

As of last September 30, Natural Park listed Bt3.6 billion worth of assets and Bt3.26 billion worth of liabilities. Shareholders' equity amounted to Bt293.79 million, down sharply from Bt1 billion at the end of the second quarter.

Natural Park was suspended from trading last November 11. After its shares resumed trading yesterday, the company's share price was unchanged at 5 satang apiece.

Last November 14, the company announced plans to launch a public offering of 24.17 billion shares, in order to raise its registered capital from Bt12 billion to Bt36 billion. The new shares will be issued to existing shareholders at a ratio of one old share to two new ones and cost 2 satang apiece, raising Bt483.4 million.

At that time, a high-ranking Natural Park executive said the capital increase was necessary to prevent shareholders' equity from falling into negative territory. More equity will also strengthen the company financially, because it must set aside Bt1.062 billion for two civil cases, with Thai Ocean Life Assurance and ACL Bank. Natural Park requires Bt702 million for the case involving the bank alone.