Lai Sun Development and its associate e-Sun Holdings no longer own shares in Sunday Communications, it has emerged. Heavily-indebted Lai Sun announced this week it would sell its stake in Asia Television, sparking speculation that it might soon dispose of other assets, including an interest in Sunday. Lai Sun's chairman is Peter Lam Kin-ngok, who remains as Sunday's non-executive director. However Lai Sun executive director Keith Wu Shiu-kee said neither Lai Sun nor e-Sun owned any Sunday shares, although he declined to indicate when disposals took place. Lai Sun Development was a founding investor in Sunday, which began operation in 1997. Lai Sun cashed in part of its HK$150 million investment when Sunday managed to raise HK$2.6 billion through its initial public offering. In March 2000, Lai Sun was left with a 11.5 per cent stake in the listed mobile operator, with 345 million shares. Three months later, the property company injected 9.87 per cent of its stake in Sunday into e-Sun, and was left owning 50 million shares, or 1.68 per cent. As their stakes were below 10 per cent, both Lai Sun companies could sell shares in the market without making disclosures. Sunday shares have fallen 97 per cent from their IPO price to close yesterday at 11.4 HK cents, wiping out HK$11 billion in market capitalisation from a company once worth HK$11.3 billion. Analysts estimated that Lai Sun group would have recorded a minor gain from its investment in Sunday, assuming most of its disposals were made last year. Sunday's largest shareholder, Distacom Communications, which holds a 46.2 per cent stake, yesterday said it would consider increasing its interest. 'The price is so ridiculously low. Things like privatisation are always an option we look at,' Distacom chairman and Sunday co-chairman Rick Siemens said, adding that he had no plan to privatise Sunday at the moment. Mr Siemens said Distacom, which had not bought Sunday shares on the open market since its listing, could buy up to 60 million shares, or 2 per cent of its total issued capital, each year to avoid making a general offer. Mr Siemens was unsure whether Lai Sun still owned Sunday shares.