Phang Nga Bay Resort Fund Under Siege

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Posted: 25 Aug 2011 | 6:00 am

The continued saga over the Thai listed LUXF (Luxury Real Estate Investment Fund) with the key asset Six Senses Hideaway Yao Noi remains contentious.

Financial institution TMB Asset Management has required the company Pakhoh Hotel to undertake a public auction over shares in order to provide investors guaranteed returns.

While the second round of bidding was wrapped up recently, the default over repayments has triggered attempts to resolve the dispute.

A number of financial analysts have noted some significant interest by leading Thai concerns over the acquisition of shares which are speculated could lead to a takeover effort down for the asset down the road.

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