The housing developer Quality Houses Plc and its shareholder Land and Houses Plc are in talks to sell their combined 49.98% stake in the building materials retailer Home Product Center Plc to foreign investors.
"We have been in talks with several foreign partners. The timing will depend on when we can conclude the negotiations," Quality Houses (QH) president Rutt Phanijphand told Reuters yesterday.
"We want to sell the entire stake if the price is attractive."
Based on Home Product (HMPRO)'s market capitalisation at 96.99 billion baht yesterday, the combined stake held by the two majority owners is worth 48.47 billion baht.
Home Product, the leader in the do-it-yourself home improvement market, is 30.21% owned by Land and Houses (LH) and 19.77% by QH, according to data from the stock exchange.
Previously, there were reports that QH was negotiating with Siam Cement Group, Thailand's largest industrial conglomerate, after Siam Cement bought a stake in Quality Construction Products Plc from QH.
However, Siam Cement chief financial officer Chaovalit Ekabut brushed aside the report, saying: "We don't have comment on speculation."
Shares of HMPRO closed yesterday on the SET at 12.70 baht, up 90 satang, in trade worth 548 million baht.
LH closed up one baht to 11.10 baht in trade worth 403 million baht, while QH shares closed up 22 satang to 2.94 baht in trade worth 387 million baht.