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STOCKS NEWS THAILAND-LPN Development hits record high on stake sale news
Leading condominium developer LPN Development Pcl surged as much as 6.29 percent to a record high of 18.60 baht, after property developer Univentures Pcl agreed to acquire LPN's stake in its unit, Grand Unity Development Co Ltd.
LPN will get about 44 million baht in net profit for selling its stake in Grand Unity, said Finansia Syrus Securities in a research note.
The broker upgraded LPN shares to 'speculative buy' from 'hold,' with a target price of 21.20 baht for the next year.
At 0453 GMT, LPN shares were up 4.57 percent at 18.30 baht, while the main Thai index was up 0.54 percent.
1153 (0453 GMT)
($1 = 31.2 Baht) (Reporting by Sinsiri Tiwutanond in Bangkok; sinsiri.tiwutanond@thomsonreuters.com)
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