The Thailand Securities and Exchange Commission has ordered Cho Thavee Public Company Limited to provide further information and review the reasonableness of its proposed THB 1.4 billion software acquisition. CHO must submit the information by Aug. 27, 2026, and disclose it publicly through the Stock Exchange of Thailand’s SETLink system, ahead of a shareholder vote scheduled for Aug. 28. CHO proposes to pay for the software by issuing 190.47 million private placement shares to the seller at THB 7.35 per share, giving the seller 19.91% of CHO’s voting rights and making it the largest shareholder by voting interest. Although the independent financial adviser found the transactions reasonable, it valued the software at only THB 131.11 million to THB 146.46 million, making the purchase price about nine to 10 times higher. The SEC also raised concerns about the lack of evidence of commercial revenue, the software’s business model and seller arrangements, the foreign appraiser’s valuation assumptions, and the potential effect on CHO’s financial statements.
2026-08-24Thailand Securities & Exchange Commission
Thailand Securities and Exchange Commission orders CHO to disclose and reassess THB 1.4 billion software acquisition
The Thailand Securities and Exchange Commission ordered CHO to disclose more information and reassess its proposed THB 1.4 billion software acquisition by Aug. 27, 2026. The price is about nine to 10 times the independent financial adviser’s estimated fair value, while the share-funded transaction would give the seller 19.91% of CHO’s voting rights.