Grammy reportedly sells off majority of POST shares

GMM Media, a unit of entertainment giant GMM Grammy, yesterday announced the sale of 75 million shares in Post Publishing Plc, the publisher of the Bangkok Post, Post Today and M2F newspapers.

GMM Grammy, in a statement to the Stock Exchange of Thailand, said it sold shares representing 15% of POST at a price of 8.25 baht per share for a total of 618.75 million baht.

The company said over the past several months it has sold a total of 102.3 million shares or 20.47% of POST for total proceeds of 844 million baht.

The share sale is in line with GMM Grammy's policy to restructure its investment portfolio and follows sales of its holdings in Matichon and OfficeMate over the past several months.

Supakorn Vejjajiva, the POST president and chief operating officer, said the transaction would not impact the company's policies or operations.

In late 2005 Grammy entered the newspaper business with bids for both Post Publishing Plc and Matichon Plc. The entertainment giant ultimately took a 20% stake in Matichon and a 23.6% stake in Post Publishing.

Shares of POST closed yesterday on the SET at 7.5 baht, down 20 satang, in trade worth 624.59 million baht. Grammy shares closed at 17.4 baht, down 10 satang, in trade worth 3.03 million baht.