Shares of Thai property developer Sansiri Pcl tumbled after its Chief Executive Officer Srettha Thavisin said he was taking an unpaid sabbatical to focus on his new role as an adviser in the opposition Pheu Thai Party ahead of elections slated for May.
(Bloomberg) — Shares of Thai property developer Sansiri Pcl tumbled after its Chief Executive Officer Srettha Thavisin said he was taking an unpaid sabbatical to focus on his new role as an adviser in the opposition Pheu Thai Party ahead of elections slated for May.
Sansiri, a developer of premium condominiums and luxury town-houses, slumped as much as 6.2% in Bangkok trading, its sharpest intra-day loss in two months, before paring losses to 3.6% at the close. The volume of shares traded was four times the three-month daily average.
The temporary break from the company will allow Srettha, who is widely speculated to be named one of the three prime ministerial candidates of Pheu Thai Party, to work as chief adviser to Paetongtarn Shinawatra, he said in a letter posted on Twitter on Thursday.
Srettha said he has sold and transferred his shares in various companies to reduce his role in the private sector in preparation for political work. The tycoon has paid all applicable taxes according to the law, he said in a separate Twitter post.
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Most Thai political parties have kicked off pre-election campaigns with Prime Minister Prayuth Chan-Ocha and Paetongtarn, the youngest daughter of former premier Thaksin Shinawatra, criss-crossing the country to address rallies and taking to social media to woo voters.
Srettha, who will officially join a Pheu Thai rally for the first time this weekend, was unveiled last week as a core member of the party’s economic committee that’s focused on policies such as a 70% minimum wage hike, a minimum salary guarantee for undergraduates, and measures to prop up crop prices.
“I’m determined to bring my experiences, knowledge, and abilities to help drive Thailand’s economy and society forward,” Srettha said.
Candidates from more than 80 political parties are expected to contest for a total of 500 seats, including 100 party-list positions to the House of Representatives. Elections are likely to be held in May with Prayuth saying he will dissolve the parliament before it completes its term on March 23.
–With assistance from Ian Sayson.
(Updates with comments on share sale in fourth paragraph.)
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