Post offices up for sale
published : 17 Dec 2019 at 04:01
newspaper section: News
Bangkok Post Plc's directors have approved the sale of the company's printing plant and office building as part of a restructuring plan.
The plan will have no impact on the Bangkok Post newspaper or other existing business operations. The Bangkok Post in the third quarter of this year shifted the printing of the 73-year-old newspaper to an outside supplier and closed its Bangna facility to cut costs.
In a statement to the Stock Exchange of Thailand, the company said the asset sale, with an appraised value of up to 1.68 billion baht, is expected to be concluded within 12 months.
Following the sale, "the company will have the same business nature as usual, having no significant changes in business characteristics or policies", the company said.
Proceeds from the sale will be used to reduce the company's debt load and develop its online and digital content platform and brand equity. Post shareholders will be asked to approve the plan on Feb 25.
Recently, the company announced a collaboration with the Wall Street Journal in a three-year partnership to help bring some of the world's most insightful articles and analysis to local readers and set up a new digital marketing department to bolster its online businesses.