The Thailand Securities and Exchange Commission has instructed Filter Vision Public Company Limited (FVC) to clarify and publicly disclose information on its proposed disposal of a controlling stake in KT Medical Service Public Company Limited (KTMS) to a related person, citing concerns that incomplete disclosure and the deal’s pricing and terms could affect shareholder and investor decision-making. The SEC also urged FVC shareholders to exercise their voting rights at the shareholders’ meeting scheduled for 30 April 2026, after the independent financial advisor (IFA) opined that the transaction is inappropriate and should not be approved. FVC is seeking shareholder approval to sell 159,225,200 KTMS ordinary shares, representing 53.08 percent of KTMS’s issued and paid-up shares, at THB 1.10 per share (THB 175.15 million total) to Miss Kanjana Pongpattanadecha, described as a related person. The IFA assessed a discounted cash flow fair value range of THB 1.71 to THB 2.07 per share and highlighted a 35.67–46.90 percent discount, alongside concerns including KTMS’s significance to FVC’s revenue and profit, the lack of clarity on potential future regulatory tightening, and deficiencies in payment terms and evidence of the buyer’s payment capacity. The SEC noted the proposed price is also significantly below KTMS’s book value and its trading price on the Stock Exchange of Thailand, and raised concerns about the necessity and reasonableness of the disposal and the contractual payment structure. Under Section 58(2) of the Securities and Exchange Act B.E. 2535 (1992), FVC must submit clarifications and supporting documents to the SEC and disclose the information via the Stock Exchange of Thailand’s Electronic Listed Company Information Transmission System (SETLink) by 28 April 2026.

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