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Sansiri president reduces his stake

SANSIRI PRESIDENT Srettha Thavisin has reduced his stake in the company from 12.95 per cent last year to only 1.36 per cent as of March 18. But he maintains his investment in the firm "in other ways", he told Krungthep Turakij Online yesterday, declining to elaborate.

Sansiri's major shareholders reported to the Stock Exchange of Thailand that as of March 18, Srettha no longer holds a major stake in the company in his own name, but his wholly owned holding company, TS Star Co, holds 130 million shares or 1.36 per cent.

This is down from 3.76 per cent on March 18, 2013. As of that date a year ago, Srettha himself held 9.19 per cent, which when added to the TS Star stake totalled 12.95 per cent.

As of November 29, 2011, Srettha and TS Star together held a 20.08-per-cent stake in Sansiri.

According to last month's report to the SET, Sansiri has a new investor, Keeree Kanjanapas, who holds a major stake in BTS Group Holding, and now holds 0.96 per cent of Sansiri.

Sansiri's share price yesterday closed at Bt1.93, up 1.05 per cent from Tuesday.

The developer recorded presales of only Bt4 billion in the first quarter of this year, far below the approximately Bt20 billion in the same period of last year, senior executive vice president Uthai Uthaisangsuk said.

The big decline in presales last quarter followed the launch of only three new residential projects, compared with 10 a year earlier, as customers delay their decisions to buy homes amid the current political turmoil.

The company targets presales of only Bt10 billion in the first half of the year.

"We may revise down our business plan, both in terms of project launches and our presale target, which was Bt30 billion for the year, after we examine our financial results for the first half," he said.

Yesterday the Sansiri Prime Office Property Fund (SIRIP), worth Bt1.7 billion, started trading on the SET.

The fund invests in the Siripinyo Building in Bangkok's Phya Thai district.

SIRIP's share price yesterday closed at Bt9.70, down 3 per cent from the initial public offering's Bt10 per share.


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