Krisdamahanakorn has signed a share deal with Sophast Intercorp to acquire 1,500 million shares in a capital increase, or a 64.4 per cent stake, for not less than Bt1.5 billion.

The Sophast Intercorp Group comprises Wanarat Rojchupun, Somlak Sopastianpong, Wiruth Wongsangnak and Khamseng Khamkoon with almost 800 million shares, 150 million shares, 540 million shares, and 10 million shares, respectively.

If the deal goes through, the investors would become the property developer's major shareholders.

Stock Exchange of Thailand (SET) data show that as of last November 15, Bangkok Commercial Asset Management owned 5.14 per cent, Taweechat Chulangkul had 4.64 per cent, Thai Asset Management  3.16 per cent, Manop Divaree 2.09 per cent and Wichai Krisdathanont 1.56 per cent.

The property developer said in a filing with the SET yesterday the final selling price would depend on due diligence.

Under the agreement, the buyers must have proof of the funds within 30 days after the contract signing and they must subscribe to all the shares.

The investors must also provide loans worth a minimum of Bt1 billion with an interest rate not higher than the minimum lending rate and also purchase three-year convertible debentures worth Bt403 million at interest of 1.75 per cent.

Each convertible debenture can be converted into a common share at a price of Bt1.30 apiece, the company said.

The stock yesterday closed unchanged at Bt1.13 per share.

Proceeds of Bt1 billion from the share allocation will be used to repay its debts under a debt restructuring plan.

The Bt1-billion long-term loan and Bt403 million worth of convertible bonds will be used to purchase new assets or invest in more projects.

The company said it had plans to finalise a negotiation with financial institutions regarding current debts before the capital-increase process.

A source said the investors were not nominees and they would make an overhaul after the share purchase.

Krisdamahanakorn reported net profit of Bt160.19 million last year after a Bt2.41-billion net loss in the previous year.