GRAMMY Slows Down after a High Surge Near Ceiling over the JV with Korean Partner

The share price of GMM Grammy Public Company Limited (GRAMMY) started to slow down from a high surge at the opening bell after the announcement of a joint venture with Korea’s corporate to strengthen entertainment businesses.

 

Still, GRAMMY continued to trade at a higher level, gaining ฿2.10/share or 14.19% to ฿16.90/share with a trading value of 31 million baht as of 15:19 local time in Thailand.

 

Yesterday, GRAMMY announced an establishment of a joint venture between the company and YG Entertainment Inc. (YG Entertainment Inc. or YG), a listed company in Korea Exchange (KRX), which has expertise in the development of idol artists. The Registered Capital in the joint venture is 200 million baht, which GRAMMY holds a 51% shareholding.

 

The investment was to engage in all kinds of entertainment businesses and provide advisory such as organizing concerts, stage plays, and various performances.

 

At the opening session on Tuesday, the share price of GRAMMY rose as high as ฿4.20/share or 28.38% to ฿19.00/share in response to the news.