Shares of the property developer Sansiri Plc (SIRI) tumbled on Thursday on the Stock Exchange of Thailand after chief executive Srettha Thavisin said he would take an unpaid leave to focus on his new role as an adviser to the Pheu Thai Party ahead of the coming general election.
Sansiri, a developer of premium condominiums and luxury townhouses, slumped as much as 6.2%, its biggest intra-day loss in two months, before paring the loss to 3.6% when the shares closed at 1.87 baht. The value of the shares traded, 1.33 billion baht, was four times the three-month daily average.
The temporary break from the company will allow Mr Srettha, who is expected to be named one of the three prime ministerial candidates of Pheu Thai, to work as chief adviser to Paetongtarn Shinawatra, he said in a letter posted on Twitter on Thursday.
Mr Srettha said he had sold and transferred his shares in various companies to reduce his role in the private sector in preparation for political work. He has paid all applicable taxes according to the law, he said in a separate Twitter post.
Most political parties have kicked off their campaigns as they await the formal dissolution of the House of Representatives, which Prime Minister Prayut Chan-o-cha has hinted could come any day now.
Ms Paetongtarn, the youngest daughter of self-exiled former premier Thaksin Shinawatra, has been criss-crossing the country to address Pheu Thai rallies and taking to social media to woo voters.
Mr Srettha, who will officially join a Pheu Thai rally for the first time this weekend, was unveiled last week as a core member of the party’s economic committee. It has devised policies such as a 70% minimum wage hike, a minimum salary guarantee for undergraduates, and measures to prop up crop prices.
“I’m determined to bring my experiences, knowledge and abilities to help drive Thailand’s economy and society forward,” he said.
Pheu Thai has now set the bar higher and is targeting at least 310 House seats — not 250 — to form a single-party government after the next general election.