CH. Karnchang Plc (CK) announced it has sold a 3.76 percent stake or 150 million shares in Thai Tap Water Supply Plc (TTW) to High Steel Products Plc at 4.30 baht a share or for 645 million baht.

As a consequent, the company’s stake in TTW effectively reduced from 35.31 percent to 31.55 percent or from 1,408,777,400 shares to 1,258,777,400 shares following the deal.

Reduction of the company’s holding in TTW shares has been approved by the board of directors in its annual meeting on December 21.

Bualuang Securities Plc said shares of CH. Karnchang are viewed as more interesting following the deal, apart from its prominent performance among the industry’s top company.

The brokerage firm has also revised up its target price from 7.10 baht a share to 7.90 baht accordingly.