The Thailand Securities and Exchange Commission urged shareholders of Hydrotek Public Company Limited to review all available information and exercise their voting rights at the company’s annual general meeting on 29 April 2025, where approval will be sought for a private placement of ordinary shares to two specific investors. The regulator highlighted the independent financial advisor’s view that shareholders should reject the proposal because the offer price is below the advisor’s assessed fair value. Hydrotek is seeking approval to issue and sell 187,500,000 ordinary shares at THB 0.80 per share, raising THB 150 million, to Miss Atchareeporn Chaemratsamee (118,750,000 shares) and Miss Preeyasuda Akkarasrisawad (68,750,000 shares). Proceeds are intended to fund expansion of the construction and infrastructure contracting business across three projects in Chiang Mai and Lamphun provinces and to provide working capital. While the board and audit committee consider the price fair given share price volatility and limited liquidity and argue the transaction supports cashflows and capital structure, the IFA flagged uncertainty because the new projects remain in drafting and negotiation and deemed the price inappropriate as it falls below the fair value range of THB 1.07 to THB 1.30 per share; it nevertheless viewed the capital raising as reasonable to support liquidity, conditional on careful execution and cost management. Because the issuance is considered a newly issued share offering below market price, shareholder approval requires a vote of at least three-fourths of eligible votes cast, with no opposition from shareholders representing 10 percent or more of the eligible votes at the meeting. The SEC also encouraged shareholders to question the board and management to ensure they have complete information for decision-making.

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