N-Park to sell 44% stake to trio including Pracha

SET-listed property developer Natural Park Plc (N-Park) will sell 53.5 billion new shares, a 44.42% stake, to three investors including Pracha Maleenont.

These shares were left unsubscribed under the company's planned capital increase, which aimed to allocate 60.43 billion new shares at 0.02 baht in May this year. The share par value is 1 baht.

The three investors are Mr Pracha, the top executive of BEC World, the broadcaster of Channel 3, Santi Pranich, and Philip Vera Bunnag. They will buy the shares at 0.029 baht under a private placement (PP). The subscription and complete payment must be made by April 25, 2013.

After the PP, Mr Pracha will hold a 24.5% stake in N-Park, and Mr Santi and Mr Philip will hold 9.96% each.

N-Park said the PP will raise its registered capital to 120.86 billion baht, double its current total.

The company said it will use the funds to repay debts to ACL Bank under its debt restructuring programme.

N-Park's executives could not be reached for comment, while analysts declined to comment on the PP, saying they haven't monitored the company for a while.

The company posted a net profit of 479.1 million baht on revenue totalling 791.47 million baht so far this year. Last year, it lost 108.3 million baht on revenue of 516.58 million baht.

N-Park shares closed yesterday unchanged on the Stock Exchange of Thailand at 0.03 baht in trade worth 13.7 million baht.