BANGKOK, Sept. 21(Xinhuanet)-- The chief executive of Thai Post Publishing Plc will fly to Hong Kong Wednesday to hold talks with the owner of the South China Morning Post over how to fend off a take-over threat from GMM Media Plc.
Suthikiati Chirathivat, The chief executive of Thai Post Publishing Plc, said he would not sell any shares to Paiboon Damrongchaitham's GMM Media, which has built up stakes of 23.6 percent in Post Publishing and 32 percent in Matichon Plc, Thai newspaper the Nation reported on Wednesday.
Entertainment tycoon Paiboon has also expressed the intention to take part in the management of the publisher of Bangkok Post and Post Today.
Suthikiati now holds 11 percent in Post Publishing while the South China Morning Post holds 20.28 percent.
Suthikiati said the South China Morning Post was still surprised by GMM Media's move. Suthikiati said he would have a clear strategy on how to deal with the raider firm after consulting with Robert Kuok, the owner of the South China Morning Post.
"I definitely won't sell a single share," Suthikiati was quoted as saying.
Suthikiati also released a statement saying the Bangkok Post and Post Today would continue their tradition of reporting and analyzing news accurately and honestly."I support this tradition and the principles of editorial independence and freedom of expression," he said.
Last week, Paiboon stunned the media industry by announcing a three billion Bhat(25 million US dollars) bid for both Post Publishing and Matichon Plc, the publisher of Matichon, Khao Sod and Prachachart Thurakij newspapers. Enditem