IP Rebounds 7% Against Rumors of Selling from Executives! “Taweerat” Adds 16mn Shares!

IP Rebounds 7% Against Rumors of Selling from Executives! “Taweerat” Adds 16 Million Shares!

The share price of Inter Pharma Public Company Limited (IP) closed the morning session at ฿8.80/share, jumped ฿0.60/share or 7.32%. The highest price in the morning session was ฿9.45/share and the lowest was ฿8.40/share with a trading value of 522 million baht.

IP plunged almost 9% for the last two days after a rumor of a selloff from executives circulated.

IP’s second major shareholder, Mr. Taweerat Prungpattanasakul, revealed to Kaohoon Turakij that he acquired 2.50 million shares of IP during IPO, which represented 1.21% of total voting rights. Then he acquired another 15.79 million shares at the IPO price on the first trading day from the former shareholders, making him the second major shareholder with a total of 8.88% of voting rights.

Mr. Taweerat stated that he had witnessed the success of this business in an international market, and saw that IP also had the potential to do so. Which was the reason for the additional acquisition on the first trading day.

IP’s CEO Mr. Songwut Sakchlathorn stated that the big lot at the amount of 25.5 million shares at ฿7.00/share on the first trading day was the agreement between an investor and the former shareholders which had been stated in the filing and not relevant to the rumor of selling IP’s shares to the major investor at the price of ฿0.50/share.

Mr. Songwut confirmed that three other shareholders amounting 10% of IP’s voting rights did not sell their shares while he himself still maintained the portion at 51.12%. Even in a silent period, he affirmed that he would not sell any of IP’s shares.

The company believed that the mentioned major investor would commit to a long-term investment with the company. Furthermore, Mr. Songwut asserted that the company had a solid business plan while the funding from IPO would give addition to IP’s limit in expanding its marketing channel for both domestic and overseas as well as the development of new products.