King Power International Group, Thailand's leading duty-free retailer, is to acquire the remaining units and the observation deck of the MahaNakhon tower from financially beleaguered Pace Development Corporation Plc for over 10 billion baht.
According to a King Power source who asked not to be named, the group's major shareholder has settled on a purchase deal with Pace.
King Power chief executive Aiyawatt Srivaddhanaprabha founded a new subsidiary, King Power MahaNakhon Co, last month with registered capital of 1 million baht, the source said.
According to the source, Mr Aiyawatt through King Power MahaNakhon is likely to replace Goldman Sachs Group and Apollo Asia Sprint Holding Co, which last year announced plans for a 8.4-billion-baht ($235 million) investment in Pace subsidiaries.
The deal between Pace and the two foreign investors is still unsettled.