ID :
115841
Fri, 04/09/2010 - 20:31
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http://m.oananews.org//node/115841
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Hotelier estimates Bt90 mln loss if protest drags on for month
BANGKOK, April 9 (TNA) – Thai hotelier the Erawan Group estimated Friday if the anti-government red-shirt demonstration in the capital's prime commercial and shopping area is prolonged for a month, the group’s hotels would lose revenues altogether of around Bt90 million (US$2.8 million) per month.
Prakit Pradipasen, Erawan group board chairman and independent director, reported to the Stock Exchange of Thailand (SET) that the anti-government protests of the United Front for Democracy against Dictatorship (UDD) at Ratchaprasong intersection since last Friday has affected the Group’s two hotels, the Grand Hyatt Erawan and the Courtyard by Marriott.
The predicted loss in revenues would amount to 3 per cent of the group’s total income received in 2009 from its seven hotels and resorts countrywide, said Mr Prakit.
Concerning speculations that because the wife of Pongthep Thepkanchana, a former executive of the now-defunct Thai Rak Thai Party founded by convicted and ousted Prime Minister Thaksin Shinawatra, is a shareholder of the group, UDD leaders and other protestors were supported by and given shelter at the Grand Hyatt Erawan, located at Ratchaprasong intersection, Mr Prakit said such rumours were unfounded, and they led to misunderstandings which created the group’s losses in revenues.
He said Mr Pongthep’s wife is a committee member of The Erawan Group, for her family before marriage held 31 per cent of the group’s shares.
Mr Prakit said that Mr Pongthep and his wife hold 0.16 per cent or 3,693,416 of the shares altogether, and Mr Pongthep's wife has never been appointed as the group’s committee or an executive, and she has never been involved in managing the group’s businesses, either directly or indirectly.
Mr Prakit said the group had never neither supported nor been involved with any political party and has continued its business under good corporate governance, while also being aware of corporate social responsibility (CSR).
The Erawan Group is a public company registered under the Stock Exchange of Thailand (SET). Seventy per cent of the shares are held by Thai families, while the other 30 by Thai and foreign funds. (TNA)
Prakit Pradipasen, Erawan group board chairman and independent director, reported to the Stock Exchange of Thailand (SET) that the anti-government protests of the United Front for Democracy against Dictatorship (UDD) at Ratchaprasong intersection since last Friday has affected the Group’s two hotels, the Grand Hyatt Erawan and the Courtyard by Marriott.
The predicted loss in revenues would amount to 3 per cent of the group’s total income received in 2009 from its seven hotels and resorts countrywide, said Mr Prakit.
Concerning speculations that because the wife of Pongthep Thepkanchana, a former executive of the now-defunct Thai Rak Thai Party founded by convicted and ousted Prime Minister Thaksin Shinawatra, is a shareholder of the group, UDD leaders and other protestors were supported by and given shelter at the Grand Hyatt Erawan, located at Ratchaprasong intersection, Mr Prakit said such rumours were unfounded, and they led to misunderstandings which created the group’s losses in revenues.
He said Mr Pongthep’s wife is a committee member of The Erawan Group, for her family before marriage held 31 per cent of the group’s shares.
Mr Prakit said that Mr Pongthep and his wife hold 0.16 per cent or 3,693,416 of the shares altogether, and Mr Pongthep's wife has never been appointed as the group’s committee or an executive, and she has never been involved in managing the group’s businesses, either directly or indirectly.
Mr Prakit said the group had never neither supported nor been involved with any political party and has continued its business under good corporate governance, while also being aware of corporate social responsibility (CSR).
The Erawan Group is a public company registered under the Stock Exchange of Thailand (SET). Seventy per cent of the shares are held by Thai families, while the other 30 by Thai and foreign funds. (TNA)
