The Thailand Securities and Exchange Commission (SEC) urged Earth Tech Environment Public Company Limited (ETC) shareholders to review and vote on its proposed THB 330 million acquisition of Better Waste Care Company Limited (BWC) from Better World Green Public Company Limited. The independent financial adviser recommended rejecting the related party transaction because the purchase price materially exceeds its valuation of BWC, although it found the deal’s objectives consistent with ETC’s long-term strategy. ETC proposes to acquire all 2,998,800 BWC shares held by Better World Green at THB 110.04 per share. The adviser valued the shares at THB 252.87 million to THB 295.38 million using discounted cash flows, putting the purchase price 11.77% to 30.56% above that range. ETC’s board and audit committee support the acquisition as a way to diversify into industrial waste management and create synergies with its power plants, arguing that an adjusted book value methodology better reflects BWC’s asset-intensive operations. Shareholders will consider the transaction at an extraordinary general meeting on Oct. 6, 2026. Approval requires at least three-fourths of eligible votes cast, excluding conflicted shareholders. Because the adviser opposes the deal, it also cannot proceed if shareholders representing at least 10% of eligible voting rights at the meeting object.
Thailand Securities and Exchange Commission urges ETC shareholders to scrutinize THB 330 million related party acquisition after adviser recommends rejection
The Thailand Securities and Exchange Commission urged ETC shareholders to scrutinize its proposed THB 330 million related party acquisition of BWC before voting on Oct. 6, 2026. The independent financial adviser recommends rejection because the price is 11.77% to 30.56% above its valuation, while ETC’s board and audit committee argue the deal supports diversification and reflects BWC’s asset value.