GMM Media (GMMM), a subsidiary of GMM Grammy Plc, sold its 22.12% stake in Matichon Plc, the publisher of Matichon, Khao Sod and Prachachart Turakij newspapers, for 470 million baht.
The Stock Exchange of Thailand reported a big lot sale of 42.388 million Matichon shares by GMMM for 469.94 million baht, an average price of 11.09 baht apiece. The buyers were not disclosed.
A Grammy executive said GMMM had sold its entire stake in Matichon Plc because Grammy wanted to raise funds to invest in digital TV, for which it has a budget of up to 5 billion baht.
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