BANGKOK, May 28 – Finance Minister Korn Chatikavanij on Friday revealed he has instructed the Securities and Exchange Commission (SEC) and the Stock Exchange of Thailand (SET) to accelerate investigation into reports that a group of investors in which SEC chairman Vijit Supinit is involved is making an hostile takeover bid for Thoresen Thai Agencies (TTA), the country’s largest dry-bulk carrier.
The leading English-language newspaper Bangkok Post reported in its Friday’s issue that management of TTA said it is preparing for every option proposed by a group of equity investors, including a takeover bid for the company.
However, the investors must show evidence to prove they can accumulate shareholders holding 30 per cent of TTA as claimed, said the company, adding that the investor group included SEC chairman Vijit.
Asked to comment on the matter, Mr Korn said: “We have to ask Mr. Vijit whether he behaved as accused. Personally, I don’t want to make any comment for now. But should he do be involved in the deal, it would be considered inappropriate conduct. Such an action should be also deemed illegal.”
He said SEC and SET had been instructed to investigate into the case without delay because it is a serious matter that challenged the regulatory standard.
Should the investor group make a hostile takeover bid, he said, it might violate numerous sections of the Securities and Exchange Act, including acquiring stocks in a firm exceeding 25 per cent without proper notification to the regulator and public as well as a failure to make a tender offer for remaining shares from minority investors.
Mr Korn said if such an action was found violating the law, a drastic action must be taken against those involved, particularly Mr Vijit, who is currently serving as the SEC chairman until July 13.
SEC needs to look into the case seriously because it could affect its image and undermine confidence in the organization. It must make efforts to accelerate restoration of investor confidence, he said. (MCOT online news)
