GMM Media (GMMM) has sold 41 million shares of its holding in Matichon Plc, the publisher of <i>Matichon</i>, <i>Khao Sod</i> and <i>Prachachart</i> newspapers, according to a report from the Stock Exchange of Thailand (SET).
The SET report said altogether 42.388 million shares were sold at a total value of 469.94 million baht, an average price of 11.09 baht apiece. There is no disclosure of the buyers.
It had been speculated that GMMM has sold its entire stake in Matichon. The company is the second largest shareholder of Matichon with 22.12% ownership. The largest shareholder is the company’s chairman and founder Kanchai Boonpan, holding 34.93%, or 64.74 million shares. Matichon has total paid-up shares of 185.349 million.
In September 2005, entertainment tycoon Paiboon Damrongchaitham, owner of GMM Grammy, bought a stake in Matichon through its unit GMM Media, at an average price of around 11.10 baht a share.
It was suspected at that time that there was a political motivation for Mr Paiboon’s purchase of a stake in Matichon, as he has close connections with fugitive former prime minister Thaksin Shinawatra.
The Matichon share price on the SET dropped by 0.10 baht to 10.60 baht by 3.40pm Thursday. A total of 45.1 million shares were traded with a total value of 499.9 million baht.