Tangmatithams to up Supalai stake to 30%

The move will boost the confidence of shareholders during the current financial crisis, he said.

The company will hold an extraordinary shareholders' meeting on the issue next month, with a view to launching a partial tender offer in March.

Supalai's share price closed at Bt1.90 yesterday, unchanged from Tuesday. The company's book value is Bt2.97 per share.

At present, Prateep and Ajchara - who is director and executive vice president - hold 322,655,744 and 90,188,200 shares respectively, representing 25.69 per cent of the voting rights as of December 30 (after deducting treasury stock). If they want to increase their joint holding, they must by law hold an extraordinary shareholders' meeting to seek approval to launch a tender offer.

After the partial tender offer, Prateep and Ajchara will 30.33 per cent of Supalai's voting rights.

Prateep said he had no plans to change the property developer's business policy, or to make any other major changes to the company.

Meanwhile, Supalai's board yesterday approved an additional loan of Bt60 million for working capital and supporting an unsecured loan to Phuket Estate, a subsidiary, at the average minimum lending rate of four banks.