Oct. 8--TMB AFFILIATE DEFENDS TRANSACTION: Phayathai Asset Management Co, a subsidiary of Thai Military Bank, has rebutted newspaper reports claiming a lack of transparency in the sale of a three-rai plot and buildings in Khlong Tan, Phra Kaong district, Bangkok.
The company said the property had been advertised for sale by auction in several newspapers and was put on auction on Aug 3. There were several observers but no bidders, it said.
The company's board on Aug 13 approved a sealed-bid auction, fearing that a heavy loss might result if another open auction was held, at which bidding would be allowed to start from 50 percent of the appraised value.
The company invited parties including observers from the Aug 3 auction to submit sealed bids. It received five bids with the highest bidder, at 165 million baht, being …
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