SUNDAY, April 21, 2024

Tycoon sheds stake in Sansiri for leading role in Pheu Thai

Tycoon sheds stake in Sansiri for leading role in Pheu Thai

Property tycoon Srettha Thavisin has transferred his about 700 million baht stake in real-estate giant Sansiri to his daughter so that he can focus on the Pheu Thai Party's general election campaign.

Srettha transferred 661,002,734 shares in Sansiri – 4.44% of the company's registered capital – to Chananda Thavisin on Wednesday, according to the Stock Exchange of Thailand.

Srettha also stepped down as president and CEO of Sansiri, taking unpaid leave from the company.

In a tweet on Thursday, he said he stepped down so that he could focus on working as chief adviser to Paetongtarn “Ung Ing” Shinawatra, who leads the Pheu Thai Family project.

He intends to use his experience and knowledge to improve Thailand’s economy and society, Srettha said in the tweet. He will focus on reducing inequality, improving the quality of life and promoting Thailand internationally, he added.

"This is an opportunity to make Thailand better in terms of structure and policy," he said.

The transfer of all of his shareholdings shows his motivation for entering Thai politics is not based on self-interest, he said.

On March 3, he transferred 9,998 shares, worth about 1 million baht, in investment firm Supasiri Holding to Sansiri executive committee member Nopporn Boonthanom.

After the Pheu Thai Party's annual general meeting at its headquarters in Bangkok, he told reporters he transferred the stake to show that he was no longer connected to the company.

Srettha is preparing to become one of Pheu Thai’s three candidates for prime minister, political observers say.

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