Thai Developer Slumps as CEO Takes Leave to Join Politics
- Sansiri tumbles most in two months on Srettha’s leave plan
- Property tycoon joins opposition Pheu Thai party as adviser
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Shares of Thai property developer Sansiri Pcl tumbled after its Chief Executive Officer Srettha Thavisin said he was taking an unpaid sabbatical to focus on his new role as an adviser in the opposition Pheu Thai Party ahead of elections slated for May.
Sansiri, a developer of premium condominiums and luxury town-houses, slumped as much as 6.2% in Bangkok trading, its sharpest intra-day loss in two months, before paring losses to 3.6% at the close. The volume of shares traded was four times the three-month daily average.