The Thailand Securities and Exchange Commission has instructed Advanced Connection Corporation Public Company Limited to provide additional information and supporting documents on its private placement issuance and offering of newly issued shares, and to publicly disclose the same through the Stock Exchange of Thailand’s Electronic Listed Company Information Transmission System (SETLink) by 23 April 2026. The direction follows a review of ACC’s prior clarification and disclosure, which the SEC found was not yet accurate and complete on matters material to shareholders’ rights and investment decision-making. ACC had previously submitted a clarification letter and disclosed information via SETLink on 1 April 2026 covering the criteria used to select private placement investors and the process for verifying their qualifications and experience. The SEC said further clarification and fuller disclosure are still required, including the rationale, necessity and urgency for fundraising via private placement shares; the rationale for and process of selecting the investors; evidence that the investors can provide strategic support; the board of directors’ opinions when assessing investor qualifications against the stated criteria; and the approach to managing potential risks. The SEC also noted that not all relevant supporting documents have been submitted, and cited its instruction under Section 58(1) of the Securities and Exchange Act B.E. 2535 (1992). The SEC also reiterated that a private placement with a clearly specified offering price is deemed approved where shareholders pass a resolution clearly determining the fixed price, and where meeting notice is sent to shareholders at least 14 days before the meeting date and disclosed via SETLink with the required information. It warned that failure to comply with the relevant rules may mean the offering is deemed not approved, in which case ACC should ensure shareholders receive the material information at least 14 days ahead of the meeting convened to seek approval.
Thailand Securities & Exchange Commission 2026-04-20
Thailand Securities and Exchange Commission orders Advanced Connection Corporation to submit and disclose fuller private placement share offering information by 23 April 2026
The Thailand Securities and Exchange Commission has ordered Advanced Connection Corporation Public Company Limited to submit more information and documents on its private placement share issuance and to disclose them via the Stock Exchange of Thailand’s SETLink system. Finding ACC’s earlier clarification incomplete, the SEC requested further detail on the fundraising rationale and urgency, investor selection and qualifications, strategic support, board deliberations, and risk management. It cited its powers under Section 58(1) of the Securities and Exchange Act B.E. 2535 (1992) and reiterated that private placements with a fixed offering price are approved only if shareholders clearly resolve on the price and receive all required information at least 14 days before the meeting.