(Thailand) – Merrill Lynch and Co will sell its 51 percent stake in its Thai unit, Merrill Lynch Phatra Securities, to the local management for as much as 1.5 billion baht (US$35.1 million), according to the company’s Chief Executive.Suvit Mapaisansin, Chief of Merrill Lynch Phatra, said he and several other senior executives would purchase the company, with the deal to be completed in “four to six months.”
Another of the buyers is believed to be Viroj Nualkhair, President of Krung Thai Bank.
Merrill Lynch bought its stake in the company for around US$45 million in 1998.