NMG calls for speedy probe into share purchase
The Nation Multimedia Group (NMG) yesterday urged the two securities regulatory bodies to expedite its probe into new NMG shareholders allegedly holding a combined stake of about 45 per cent without making an open tender offer.
NMG chairman Nittimon Hastindra na Ayudhya said the company had submitted a letter to Rapee Sucharitakul, the newly appointed secretary-general of the Securities and Exchange Commission (SEC), and Kesara Munchusree, president of the Stock Exchange of Thailand (SET). In the letter, NMG asked them to speed up investigation into the acquisition of NMG shares by News Network Corporation (NEWS) and allies amid doubts that they had not followed the SEC’s rule on merger and acquisition.
The SEC rule requires a buyer to make a tender offer if it acquires the shares of a listed company exceeding 25 per cent of the listed company’s registered capital. NEWS was earlier known as Solution Corner (1998) or SLC.
Nittimon said that NMG also had submitted information regarding the new shareholders of NMG to the SEC and the SET as additional information for investigation.
Meanwhile, the SET has asked NMG for clarification – before May 11 – regarding the barring of some shareholders from its annual general meeting on April 29. – The Nation
