<article>Thailand’s leading media and entertainment firm <a href="http://www.gmmgrammy.com/new2014/th/index.html">Grammy Public Company Limited</a> (GRAMMY) on Tuesday said it had sold all its shares in SE-Education Plc (SE-ED) to Wuttipoom Chulangkoon for 297.16 million baht ($9.59 million).</article>

Thailand’s leading media and entertainment firm <a href="http://www.gmmgrammy.com/new2014/th/index.html">Grammy Public Company Limited</a> (GRAMMY) on Tuesday said it had sold all its shares in SE-Education Plc (SE-ED) to Wuttipoom Chulangkoon for 297.16 million baht ($9.59 million).
Its move to exit SE-ED &#8211; that is involved in bookstores, distribution, and publishing in addition to holding  annual exhibitions and arranges academic training and seminars &#8211; will enable GRAMMY to focus on its other investments in its digital media business.
According to its statement to the<a href="http://www.set.or.th"> Stock Exchange of Thailand</a>, GRAMMY has sold its 49,550,512 shares, accounting for 12.64 per cent of SE-ED’s paid-up shares, to Wuttipoom at the price per share of 6 baht.
As a part of its investment plan, this has been the fourth time since 2013 that GRAMMY sold big lots of its shares in other companies. In 2013, it has sold 0.10 per cent of its shares in Office Mate Plc (OFM), 22.12 per cent in Matichon Plc (MATI) and 20.47 per cent in Post Publishing PCL with a combined income from these three deals of 1.33 billion baht.
Paiboon Damrongchaitham, chief executive of GRAMMY, said that the proceeds would be used as the company’s working capital and spent on its strategic investment in the future.
Earlier, the company has announced its plan to invest around five billion baht in the rapidly-growing businesses such as digital and satellite televisions in a bid to add more value to its existing businesses.
He said that the source of funds would come from selling its shares in other companies as well as borrowing from financial institutes and banks, which express their interest to support GRAMMY to step into digital broadcasting business.
On SE-ED’s side, it cited that the change of the major shareholder will have no impact on its management policy and management structure as Wuttipoom is the younger brother of Taweechat Chulangkoonk, who is one of the major shareholders with 10.31 per cent stake in SE-ED.
Related Story: 
<a style="color: #ff0000" href="http://www.dealstreetasia.com/stories/grammy-launches-social-networking-platform-527/" rel="bookmark">Grammy launches Social networking Platform</a>

Thailand’s leading media firm Grammy Public Company Limited (GRAMMY) sold all its shares in SE-Education Plc to Wuttipoom Chulangkoon for $9.59 million.

Grammy sells its stake in SE-ED to Wuttipoom

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Grammy sells its stake in SE-ED to Wuttipoom

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief