Referring to a proposal to sell 35 parcels of land with 11 buildings of Golden Land Property Development Plc. (“GOLD”), a subsidiary of Univentures Plc. (“UV”), to Sirisap Pattana Company Limited, a related person to GOLD and UV at 980 million baht, boards of directors, audit committees and financial advisors of GOLD and UV opined that the selling price was appropriate and the transaction will be beneficial to GOLD.
The SEC, however, had an observation on appropriateness of asset valuation, weighted quality score method adopted, selection of comparable assets as well as analysis on current conditions of assets. Accordingly, the SEC required GOLD and UV clarify the reasonableness of the assets valuation report used in making a decision to propose the asset disposition and disclose the clarification via the Stock Exchange of Thailand.
Owing to the fact that the proposed transaction requires at least three quarters of total voting rights less interested shareholders, the SEC suggested GOLD and UV shareholders carefully study relevant information, make inquiry at the shareholders’ meeting and exercise their rights to protect their own interests.