BAY falls as GE trims stake
Bank of Ayudhya's share price has dropped by 7 per cent, following the share sale of its biggest shareholder - GE Group.
The stock closed at noon at Bt30.75, down 7.52 per cent or Bt2.50 from the previous closing. GE Group reportedly sold some 7.6 per cent of its shares in the bank at the price of Bt31.45.
BAY informed the Stock Exchange of Thailand that GE Group has arranged for the sale of approximately 7.6 per cent of its shares in the bank in block trades on the SET through an underwriting undertaken by Morgan
Stanley.
"GE Group also advised that it will not sell further shares in the Bank for a period of 180 days except for any strategic sale of substantially all of GE Group's shares in the Bank or as may be agreed with Morgan Stanley," BAY said in the statement. As of March, GE Capital International Holding Corp appeared as the biggest shareholder of BAY, holding 2 billion shares or 32.93 per cent.
