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Origin Property Closes Stake Sale in Two Units for THB1.1 Billion

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Origin Property (BKK:ORI) completed the sale of stakes in two indirect units that jointly operate the Staybridge Suites Bangkok Sukhumvit 24 hotel for 1.1 billion baht.

Following the deal, Origin One Sukhumvit 24 and Origin One Phrom Phong have ceased to be subsidiaries of the company, according to a Wednesday Thailand Exchange filing.

The company said the sale price exceeded both the net book and par values of the units and that the disposal will not materially affect its operations or financial position.

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