Charoen's sons buy into Grammy TV business

Charoen's sons buy into Grammy TV business

The sons of tycoon Charoen Sirivadhanabhakdi have bought into GMM Grammy Plc’s TV arm in a 1-billion-baht deal.

GMM Grammy told the Stock Exchange of Thailand on Thursday Adelfos Co Ltd, owned by Mr Charoen’s two sons -- Thapana and Panot --- had bought the new shares issued by GMM Channel Trading Co Ltd, GMM Grammy's wholly owned TV subsidiary.

After the deal, Adelfos and GMM Grammy each own 50% of the TV operator. 

Following the share issue, GMM Channel Trading will consist of GMM Channel Co Ltd, which operates the GMM25 TV channel; GMM Media Co Ltd, which owns Atime Media Co Ltd and Atime Traveler Co Ltd, and GMM TV Co Ltd.

Earlier, the family, through Vadhanabhakdi Co Ltd, bought 47.62% of Amarin Printing and Publishing Plc, owner of Amarin TV and a number of magazines.

GRAMMY shares rose 14% to 13 baht in trade worth 92.2 million baht on the Stock Exchange of Thailand on Thursday.

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