The share price of L.P.N. Development Public Company Limited (LPN) started to ease after a huge surge in the morning session as the company denied the news of being taken over by Noble Development Public Company Limited (NOBLE).
As of 15:40 local time in Thailand (GMT+7), LPN traded at ฿6.00/share, increased ฿0.30/share or 5.26% with a trading value of 1,712 million baht.
The buying pressure started to slow down after a surge of 13.16% to ฿6.45/share in the morning session.
In the morning, “Kaohoon Turakij” reported, citing sources close to the matter, that NOBLE planned to accumulate LPN’s shares through the trading board as the current major shareholders are scattered.
The sources stated that NOBLE would benefit from acquiring LPN’s customer base, which interested in medium-low condominiums, while NOBLE would focus on its customer base, which is in the medium-high market.
Moreover, BTS Group Holdings would also be beneficial in this acquisition as well due to BTS being a major shareholder in NOBLE.
However, other NOBLE and LPN made a clarification through the Stock Exchange of Thailand (SET) by stating that there is no taking over plan as of now, and both companies will inform SET if the companies received any news regarding the matter.